income tax

FG records N235bn revenue decline in companies’ income tax

The Federal Government has realised a revenue decline of about N235billion or 17.4% in company inccome tax for the first 3 quarters of the year, compared with the projections from the 2020 budget.

The Government had, in the budget, projected to generate N1.798 trillion in the full year and N1.348 trillion by Q3’20 from the CIT.

But a data from National Bureau of Statistics, NBS, obtained by Financial Vanguard shows that actual CIT revenue realised for the period under review was N1.113 trillion, about N235 billion or 17.4 per cent decline from the 2020 budget target.

Also economy analysts say the sustained macroeconomic headwinds would likely affect the projected CIT in the fourth quarter of 2020.

Economists and financial analysts have opined that the shortfall in income tax revenue is not unexpected in view of the covid 19 pandemic, which led to a nationwide lockdown and also a huge drop in oil price and oil revenue.

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