The Nigerian Government generated N472.07 billion as Company Income Tax (CIT), the National Bureau of Statistics (NBS) says.
The bureau stated this in its “Company Income Tax by Sectors – Quarter Three (Q2 2021)’’ obtained from its website on Wednesday in Abuja.
Part of the report read, ‘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 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.”