Nigeria Generates N472bn as Company Income Tax in Q2 2021

“Professional services generated the highest amount of CIT with N130.09 billion generated, closely followed by other manufacturing which generated N87.27 billion, while banks and financial institutions generated N60.01 billion.

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The National Bureau of Statistics (NBS) has said that the federal government generated N472.07 billion as Company Income Tax (CIT) in the second quarter of 2021. This is against N392.64 billion generated in Q1 2021 and N402.03 billion generated in Q2 2020, representing a 20.23 percent increase Quarter-on-Quarter and 17.42 percent increase Year-on-Year.

The NBS said this on Wednesday in Abuja in its “Company Income Tax By Sectors Q2, 2021” data published on its website.

The sum, which reflected an increase of N79.43 billion over Q1, also reflected an increase of N70.04 billion over N402.03 billion that was generated in Q2, 2020.

The NBS said that the figure represents 20.23 percent increase Quarter-on-Quarter and 17.42 percent increase Year-on-Year.

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“Professional services generated the highest amount of CIT with N130.09 billion generated, closely followed by other manufacturing which generated N87.27 billion, while banks and financial institutions generated N60.01 billion.

“Textile and garment industry generated the least with N27.23 million, closely followed by automobiles and assemblies with N62.15 million and pioneering with N64.30 million generated,” it said.

The bureau said that out of the total amount generated in the period under review, N412.74 billion was generated as CIT locally, while N51.61 billion was generated as foreign CIT payment.

It added that the balance of N2.72 billion was generated as CIT from other payments.

The News Agency of Nigeria (NAN) reported that in arriving at the report, data was provided by the Federal Inland Revenue Service (FIRS), verified and validated by the NBS.

(NAN)

 

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