Federal Government of Nigeria has generated a total of N472bn as Company Income Tax (CIT) in the second quarter of 2021.
Gatekeepers News reports that the National Bureau of Statistics (NBS)’s latest report showed that the figure is a 20.23 percent and 17.42 percent increase from N392.64 billion and N402.03 billion generated as CIT in the first quarter of 2021 (Q1 2021) and Q2 2020 respectively.
NBS noted that professional services generated the highest amount of CIT with N130.09 billion, a surge of 616.02 percent from N18.17 billion in Q1 2021.
This was followed by other manufacturing sectors which generated N87.27 billion, banks & financial institutions (N60.01 billion), commercial and trading (N23.65 billion), and transport and haulage services (N22.24 billion).
Gatekeepers News reports that the NBS noted that the textile and garment industry generated the least CIT with N27.23 million, an increase of 101.85 percent from N13.49 million in the previous quarter.
Other laggards, automobiles and assemblies (N62.15 million); pioneering (N64.30 million); petro-chemical and petroleum refineries (N84.62 million); and local government councils (N184.62 million), recorded a decline of 15.52 percent, 68.49 percent, 84.81 percent, and 17.84 percent respectively.
“Out of the total amount generated in Q2 2021, N412.74bn was generated as CIT locally while N51.61bn was generated as foreign CIT payment. The balance of N2.72bn was generated as CIT from other payments,” the report reads.
