Telecommunications companies and other firms operating in the information and communication sector of the economy paid a total of N58 billion as Company Income Tax (CIT) in the third quarter of this year.
This is according to data released by the National Bureau of Statistics (NBS). Driven largely by telecoms companies, the amount paid by firms in this sector represented the second highest paid by any sector in the period under review.
The manufacturing sector emerged as the highest paying sector as it contributed N64 billion as CIT in the third quarter.
According to the NBS report, the company income tax from information and communication companies represented 19.8 per cent of the total CIT paid locally to government in the three-month, which stood at N292 billion.
The Q3 CIT from the sector was, however, a decline from N130 billion recorded in the 2nd quarter of this year, but higher than that of the first quarter. In Q1, CIT from the sector stood at 18 billion.