Data from the National Bureau of Statistics has shown that the Company Income Tax for the second quarter of 2021 rose to 472.07 billion.

The data showed that this was 20.23 percent higher than N392.64 billion generated in the first quarter of the year. 

It further reflected that the amount was 17.42 percent higher than N402.03 billion generated in the corresponding quarter of 2020.

Companies Income Tax (CIT) is a tax on the profits of registered companies in Nigeria. It also includes the tax on the profits of foreign companies carrying on any business in Nigeria.

The CIT is paid by limited liability companies inclusive of the public limited liability companies.

Part of the report reads:” 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.”

Breakdown Analysis

According to the bureau, Professional Services generated the highest amount of CIT with N130.09billion

It was closely followed by Other Manufacturing which generated N87.27billion, Banks & Financial Institutions generated N60.01billion.

However, 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.