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The financial and insurance activities and mining and quarrying sectors followed with 12.2% and 11.66% contribution. Altogether, the four sectors accounted for 59.2% of the N209.13 billion generated from the sectoral collections.
The total company income tax received in 2021 was N1.69 Trillion. According to data from the Federal Inland Revenue Service (FIRS), the amount is 19.6% increase from 2020 total of N1.41 Trillion.
A total of 258.9 billion naira CIT was collected locally and a total of 88.9 billion naira was the value of foreign CIT payments.
In 2020, Nigeria generated a total of ₦1.41 trillion as revenue from Company Income Tax (CIT). Of this figure, 56.09% came from the sectoral collection, 16.89% was e-payments, and 27.02% from foreign sources.
Five subsidiaries of the Nigerian National Petroleum Corporation (NNPC) have denied the Federal Government (FG) multi-billion naira in taxes, according to Dataphyte’s analysis. The analysis of the financial statements showed that Integrated Data Services Limited, Duke Oil Company Inc, Wheel Insurance Limited, N-Gas Limited, and National Petroleum Investment Management Services (NAPIMS) failed to make tax payments to the government.
