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.
Company Income Tax (CIT) is a tax imposed on a company’s profit from all sources of income at a rate of 30 percent that contributes to the non-oil revenue of the country. Local and International corporations carrying on their business in Nigeria pay CIT.
There was a quarter on quarter increase of 17.6% from N295.72 Billion in Q4 2021 to N347.81 Billion in Q4 2021.
The total Company Income Tax (CIT) for Q4 2021 declined by 26.4% on a quarter-on-quarter basis from N472.52 Billion in Q3 2021.