CIT

The National Bureau of Statistics (NBS) says N472.07 billion was generated as Company Income Tax (CIT) in Quarter Two (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 which reflected an increase of N79.43 billion over Q1 also reflected an increase of N70.04 billion over N402.03 billion that was generated in Q2, 2020.

The NBS said that the figure represents  20.23 per cent increase Quarter-on-Quarter and 17.42 per cent 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.

“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 said that out of the total amounted 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 News Agency of Nigeria (NAN), reports that in arriving at the report, data was provided by the Federal Inland Revenue Service (FIRS), verified and validated by the NBS.