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This tax is a major source of revenue for the government, as it’s generated from numerous commercial entities located across the country. It’s administered and collected by the Federal Inland Revenue Service (FIRS), the tax authority at the federal governmental level. In the first nine months of 2020, company income tax received by the FIRS totalled over ₦1.1 trillion. That’s according to a report published recently by the National Bureau of Statistics, Nigeria’s official statistical agency. The report, titled Company Income Taxes by Sectors (2015-Q3 2020), details the CIT paid to tax authorities by organizations in various sectors, over a period of more than five years.
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According to NBS’s report, the following sectors paid the most company income tax between January and September 2020.
- Professional services, including telecoms: ₦148.09 billion
- Banks and financial institutions: ₦85.96 billion
- Other manufacturing (excluding petrochemicals, textile, paper, chemicals, paint, etc): ₦74.73 billion
- Commercial and trading: ₦49.129 billion
- Transport and haulage services: ₦43.366 billion
- Breweries, bottling and beverages: ₦42.037 billion
- State ministries and parastatals: ₦37.075 billion
- Oil production: ₦29.68 billion
- Federal ministries and parastatals: ₦16.196 billion
- Oil marketing: ₦13.798 billion
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