Wed. Sep 29th, 2021

NBS says the federal government generated N472.07 billion as Company income tax

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The National Bureau of Statistics (NBS) says the federal government generated N472.07 billion as Company Income Tax (CIT) in the second quarter (Q2, 2021) as against N392.64 billion generated in Q1.

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

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

The NBS explained that the figure represented a 20.23 percent increase quarter-on-quarter and a 17.42 percent increase year-on-year.

“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,” said the NBS. “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.”

The bureau added 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 data was provided by the Federal Inland Revenue Service (FIRS), verified, and validated by the NBS.

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