Nigeria Generates N472.07 Billion from Company Income Tax in Q2 2021

The Federal Government realised a total sum of N472.07 billion as Company Income Tax (CIT) in the second quarter (Q2) 2021, the National Bureau of Statistics (NBS) reported on Wednesday.

This represents an increase of 20.23 percent and 17.42 percent when compared to N392.64 billion and N402.03 billion generated in Q1 2021 and Q2 2020, respectively.

Breaking down the report, the professional services realised the highest amount of CIT with N130.09 billion. This was closely followed by other manufacturing with N87.27 billion.

Banks and financial institutions generated N60.01 billion while Textile and Garment’s industry added the least and closely followed by Automobiles and Assemblies and Pioneering with N27.23 million, N62.15 million and N64.30 million generated respectively.

Out of the total amount generated in Q2 2021, N412.74 billion was generated as CIT locally while N51.61 billion was generated as foreign CIT payment. The balance of N2.72bn was generated as CIT from other payments.

Meanwhile, the FG realised N512.25 billion from Value Added Tax (VAT) in the second quarter of 2021, according to the report published by the NBS on Tuesday.

The manufacturing sector contributed the highest amount of VAT at N44.89 billion during the period under review. This was followed by Professional Services with N29.30 billion.