Nigeria Reaps N472bn From Company Income Tax In Q2, 2021

The National Bureau of Statistics (NBS) has said N472.07 billion was generated as Company Income Tax (CIT) in Quarter Two (Q2, 2021) as against N392.64 billion generated in Q1, the News Agency of Nigeria (NAN) has reported.

The NBS said this in its “Company Income Tax By Sectors Q2, 2021” data published on its website covering companies operating in the country.

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 percent increase Quarter-on-Quarter and 17.42 percent increase Year-on-Year for company income tax in Nigeria in the period.

“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,” it said of the company income tax report in Nigeria in the second quarter.

The bureau said that out of the total amount generated in the period under review, N412.74 billion was generated as Company Income Tax 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) reported that in arriving at the Company Income Tax report, data was provided by the Federal Inland Revenue Service (FIRS), verified and validated by the NBS. (NAN)

Meanwhile, GreenWhiteGreen GWG had earlier reported that taxpayers in the country are faced with the dilemma on paying Value Added Tax, VAT ahead of the 20th of August following the Port-Harcourt court judgment that stripped the FIRS of the role of collecting the taxes. The court said that it was the duty of states to collect VAT.

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