Connect with us

Business

Companies in Nigeria pay N864.7bn tax to govt in H1, 21

Published

on

Companies in Nigerian pay N864.7bn tax to govt in H1, 21

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.

Read also: Court bars FIRS from demanding, collecting VAT, PIT, other taxes in states

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

Opinions

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.

Donate Now

Investigations