Company Income Tax (CIT) recorded an N124.71 billion decline from N472.52 billion in the third quarter of 2021 to N347.81 billion in the fourth quarter, the National Bureau of Statistics (NBS) has said.

The NBS disclosed this in its “Company Income Tax (CIT) Quarter Four, 2021” data published on its website yesterday.

It also said that on a year-on-year basis, CIT collections in the period under review increased by 17.61 per cent from the fourth quarter of 2020.

The report said that the Information and Communication sector accounted for the highest CIT at N51.05 billion, followed by the manufacturing sector at N45.09 billion, while financial and insurance services and mining and quarrying sectors accounted for N31 billion each.

However, activities of households as employers, undifferentiated goods and services-producing activities of households for own use at N189.44 million accounted for the lowest remittance of CIT, though it recorded a 563.56 per cent growth.

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This was followed by activities of extraterritorial organisations and bodies, which remitted N447.01 million and water supply, sewerage, waste management and remediation activities, which accounted for N328.57 million.

The NBS said real estate activities stood at N1.68 billion, while human health and social work activities accounted for N2.83 billion.

The Bureau noted that on a quarter-on-quarter basis, positive growths were recorded in accommodation and food service activities (116.01 per cent); activities of extraterritorial organisations and bodies (128.92 per cent).

Growth was also recorded in construction at N5.384 billion (33.32 per cent) and electricity, gas, steam and air conditioning supply at N5.17 billion (representing 84.68 per cent).

“On the other hand, decreases in collections were recorded in administrative and support service activities (-72.15 per cent), agriculture, forestry and fishing (-34.52 per cent), arts, entertainment and recreation (-25.31 per cent).

“Others are education (-1.61 per cent), financial and insurance activities (-5.52 per cent), information and communication (-4.33 per cent), manufacturing (-23.21 per cent) and mining and quarrying (-7.56 per cent).”

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It added that local CIT payments recorded N258.85 billion, while foreign CIT payments stood at N88.96 billion.