… Despite generating the highest Company Income Tax (CIT) in Q3’2020
The Professional Services including Telecoms paid the highest Company Income Tax (CIT) of N55.52 billion in the third quarter of 2020 (Q2’2020).
This however represents 2.53% decline from N63.8 billion CIT paid by the firms in Q2’2020.
According to the Q3’2020 Company Income Tax report by the National Burea of Statistics (NBS), the Professional Services including Telecoms generated 13.34% of the total CIT generated in Q3’2020.
The tax generated by the sector also indicates a decline by -12.98% and -33.15% from N63.8 billion and N83.05 billion in Q2’2020 and Q3’2019 respectively.
The CIT generated by sectors such as Transport and Haulage services, Banks and Financial Institution, and Pharmaceutical, soaps and Toiletries decline by -76.38%, -50.87%, and -44.33% respectively.
Other sectors such as Breweries, Bottling and Beverages, and Building and Construction, generated Taxes which declined by -37.61% and -32.83% respectively.