NBS: Company income tax rises 20 percent to N472 billion in Q2’21

The National Bureau of Statistics (NBS), said Company Income Tax (CIT) rose by 20 per cent to N472.07 billion in the second quarter of the year (Q2’21) from N392.64 billion in Q1’21.

The NBS disclosed this today in its CIT by sectors Report.

According to the bureau, the Professional Services sector generated the highest amount of CIT with N130.09 billion and closely followed by the Other Manufacturing sector which generated N87.27 billion during the period.

The report stated: “Data on Company Income Tax breakdown by sectors for Q2 2021 reflected that the sum of N472.07 billion was generated as CIT as against N392.64 billion generated in Q1’ 21 and N402.03 billion generated in Q2’20 representing 20 per cent increase Quarter-on-Quarter and 17 per cent increase Year-on-Year.

“Professional Services generated the highest amount of CIT with N130.09 billion generated and closely followed by Other Manufacturing which generated N87.27 billion, Banks & Financial Institutions generated N60.01 billion while Textile and Garment Industry generated 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 amounted generated in Q2’21, N412.74 billion was generated as CIT locally while N51.61 billion was generated as foreign CIT payment. The balance of N2.72 billion was generated as CIT from other payments.”

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