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Govt revenue from drink makers rose to N23bn – nbs
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Company Income Tax payments improve to N392 8 billion in Q1 2021
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May 15, 2021
May 15, 2021
FRANKFORT â The Kentucky Department of Revenue (DOR) will honor the recently announced IRS special tax relief for taxpayers in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance due to the effects of severe storms, flooding, landslides and mudslides in Kentucky that began February 27, 2021.
Under the provisions of KRS 131.081 (11), Kentucky honors federal extensions related to disaster relief for filing of income tax returns, including payment of tax due. This extension to file and pay taxes does not apply to sales tax and other type of taxes. However, taxpayers with disaster-related delays that are seeking filing extensions or that have been assessed penalties for taxes other than income may contact the DOR to request an extension or a waiver of penalties.
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Affected taxpayers have until June 30 to file Kentucky income tax returns and submit tax payments for the following: individual income tax; corporate income tax; and income tax withholding. featured alert
Commonwealth Journal
5 hrs ago
Affected taxpayers have until June 30 to file Kentucky income tax returns and submit tax payments for the following: individual income tax; corporate income tax; and income tax withholding.
While the deadline to file federal and Kentucky income tax returns is Monday, Pulaski Countians impacted by the severe storms and flooding that began February 27 will have a little bit longer.
The Kentucky Department of Revenue (DOR) will honor the recently announced IRS special tax relief for taxpayers in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance.
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Data from the National Bureau of Statistics (NBS) on Company Income Tax breakdown by sectors for the first quarter (Q1) 2021 has shown that the sum of N392.77bllion was generated as CIT as against N295.72billion generated in Q4 2020.
It also showed that N295.68bllion was generated in Q1 2020 representing 32.82 per cent increase Quarter-on-Quarter and 32.84 per cent increase in Year-on-Year.
In the report released on Wednesday, the NBS noted that Breweries, Bottling and Beverages generated the highest amount of CIT with N23.26bllion generated.
This is closely followed by Professional Services including Telecoms which generated N18.17bllion, State Ministries & Parastatals generated N17.35bllion while Textile and Garment Industry generated the least and closely followed by Mining and Automobiles and Assemblies with N13.49million N34.40million and N73.57million generated respectively.
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