Finance & EconomyNews

N472.07bn Generated as Company Income Tax in Q2 2021, Increases by 17.42% YoY – NBS

Data on Company Income Tax breakdown by sectors for Q2 2021 reflected that the sum of N472.07bn was generated as CIT as against N392.64bn generated in Q1 2021 and N402.03bn generated in Q2 2020 representing 20.23% increase Quarter-on-Quarter and 17.42% increase Year-on-Year.

Professional Services generated the highest amount of CIT with N130.09bn generated and closely followed by Other Manufacturing which generated N87.27bn, Banks & Financial Institutions generated N60.01bn while Textile and Garment Industry generated the least and closely followed by Automobiles and Assemblies and Pioneering with N27.23m, N62.15m and N64.30m generated respectively.

Out of the total amounted 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.

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