Companies doing business in Nigeria paid a total sum of N864.72 billion as company income taxes in the first half of the year.
This was contained I the latest company income tax report released by the National Bureau of Statistics (NBS).
This 2021 first half companies tax payment represents a 23.9 percent increase compared to the N697.71 billion in the corresponding period of H1 2020.
Company income tax are taxes paid by companies from their taxable income after expenses have been deducted.
The breakdown of the figures shows that N392.65 billion was generated in Q1 2021, while N472.1 billion was recorded in Q2 2021.
Out of this payment N570.1 billion was generated as CIT locally while N236.1 billion was generated as foreign CIT payment.
The balance of N58.6 billion was generated as CIT from other payments.
The Nigerian government had projected N1.49 trillion from CIT, so the first half figure represents a 57.8 percent success rate so far.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
If you are motivated and passionate about building a global society, founded on justice, equity, fairness, transparency, accountability and superior knowledge, kindly consider donating to Ripples Nigeria’s solutions journalism.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: Inside UNILAG’s multi-million naira budgetary abuse and academic discord
The University of Lagos located in Nigeria’s commercial capital, Lagos, has been embroiled in controversies with allegations bothering on misappropriation of...
SPECIAL REPORT: Displaced residents of Zamfara battle hunger, as underfunding derails Nigeria’s nutrition goals
On paper, Muhammad Zayyanu is seven years old. The quiet boy who looks shorter for his age could not recollect...
INVESTIGATION: N7.3bn paid for unnamed projects; how Nigerian govt spent N2.2trn in six months
Analysing nearly 3,000 payments made by various Federal Government Ministries, Departments and Agencies (MDAs) over the previous six months (January...
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...