Nigeria’s highest company tax from professional services - NBS

The federal government generated N472.07 billion as Company Income Tax (CIT) in the second quarter of this year, the National Bureau of Statistics has said.

This is against N392.64 billion generated in Q1 2021 and N402.03 billion generated in Q2 2020, representing a 20.23 per cent increase Quarter-on-Quarter and 17.42 per cent increase Year-on-Year.

The NBS said professional services generated the highest amount of CIT with N130.09 billion and was closely followed by other manufacturing which generated N87.27 billion.

It said banks and financial institutions generated N60.01 billion while the textile and garment industry generated the least and closely followed by automobiles and assemblies and pioneering with N27.23 million, N62.15 million and N64.30 million generated respectively.

“Out of the total amount generated in Q2 2021, N412.74 billion was generated as CIT locally while N51.61 billion was generated as foreign CIT payment,” it said.

According to the report, the balance of N2.72 billion was generated as CIT from other payments.