Beer, beverages account for Nigeria’s highest company income tax – NBS
the National Bureau of Statistics (NBS) on Company Income Tax (CIT) breakdown by sectors for the first quarter (Q1) 2021 shows that the sum of N392.77bllion was generated as CIT as against N295.72billion generated in Q4 2020. Further review of the data showed that N295.68bllion was generated in Q1 2020 representing 32.82 per cent increase Quarter-on-Quarter and 32.84 per cent increase in Year-on-Year. In the report released on Wednesday, the NBS noted that Breweries, Bottling and Beverages generated the highest amount of CIT with N23.26bllion generated. This is closely followed by Professional Services including Telecoms which generated N18.17bllion, State MinistriesRead More
