January 29, 2021/Cowry Asset

In the just concluded week, data released from the National Bureau of Statistics (NBS) showed that revenue from both the Company Income Tax (CIT) and the Value Added Tax (VAT) rose by 9.61% year on year to N2.94 trillion in 2020 as against N2.68 trillion printed in 2019 despite COVID-19 pandemic. Significant portion of the tax revenue came  from Telecoms sector as N289.80 billion (accounting for 11.65% of the total CIT and VAT revenue) was collected in 2020.

Collected tax amounts from sectors such as Commercial and Trading, Banking and Financial Institutions, as well as Breweries, Bottling and Beverages sectors were N145.98 billion (accounting for 4.96%), N121.17 billion (accounting for 4.12%) and N112.84 billion (accounting for 3.84%) respectively.

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