Home Finance FG earned N472.07bn from company income tax in Q2 2021

FG earned N472.07bn from company income tax in Q2 2021

by Business News Report

National Bureau of Statistics has said that Nigeria earned N472.07 billion from Company Income Tax in the second quarter of 2021. According to data released by the NBS said that the sum of N472.07 billion was generated as company income tax as against N392.64 billion generated in Q1 2021 and N402.03 billion generated in Q2 2020 representing 20.23% increase Quarter-on-Quarter and 17.42% increase Year-on-Year. 

NBS data indicates that professional services generated the highest amount of CIT with N130.09 billion generated and closely followed by manufacturing which generated N87.27 billion, Banks & Financial Institutions generated N60.01 billion while 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 amounted generated in Q2 2021, N412.74 billion was generated as CIT locally while N51.61 billion was generated as foreign CIT payment. The balance of N2.72 billion was generated as CIT from other payments. 

COMPANY INCOME TAX BREAKDOWN BY SECTORS


2021
Quarter on Quarter %Year on Year %
S/NoClassificationQ1Q2Q3Q4TotalQ1 2021 / Q2 2021Q2 2020 / Q2 2021
1Agricultural and Plantations924,419,833.162,990,066,836.70

3,914,486,669.86223.45152.08
2Automobiles and Assemblies73,573,733.8062,145,786.74

135,719,520.54(15.53)(23.86)
3Banks & Financial Institutions9,255,990,682.3760,007,244,969.98

69,263,235,652.35548.3122.59
4Breweries.Bottling and Beverages23,259,571,398.107,147,540,292.55

30,407,111,690.65(69.27)(68.31)
5Building and Construction2,976,931,859.245,075,669,091.19

8,052,600,950.4370.50(16.40)
6Chemicals, Paints and Allied Industries354,357,162.46310,430,418.29

664,787,580.75(12.40)41.08
7Commercial and Trading13,498,999,034.6623,650,733,866.51

37,149,732,901.1775.2061.54
8Conglomerates568,849,352.241,462,841,377.94

2,031,690,730.18157.16273.98
9Federal Ministries & Parastatals6,353,628,059.684,902,994,755.00

11,256,622,814.68(22.83)54.63
10Gas805,954,085.838,380,295,428.41

9,186,249,514.24939.801,178.39
11Hotels and Catering789,833,476.972,849,753,470.42

3,639,586,947.39260.80618.99
12Local Government Councils221,668,579.13182,125,458.86

403,794,037.99(17.84)(36.42)
13Minning34,403,394.2612,489,746,151.37

12,524,149,545.6336,203.8230,027.03
14Not Available14,609,988,315.5817,166,971,138.34

31,776,959,453.9217.5087.84
15Offshore Operations408,255,326.72190,949,568.78

599,204,895.50(53.23)(73.13)
16Oil Marketing1,892,967,953.242,028,220,180.48

3,921,188,133.727.14(32.27)
17Oil Producing15,356,262,633.498,241,082,551.48

23,597,345,184.97(46.33)(3.76)
18Other Manufacturing16,254,491,474.4987,268,147,945.43

103,522,639,419.92436.89370.18
19Petro-Chemical and Petroleum Refineries557,231,418.3384,617,742.85

641,849,161.18(84.81)(96.18)
20Pharmaceutical,Soaps and Toileteries958,429,933.351,597,655,025.94

2,556,084,959.2966.70(20.29)
21Pioneering204,084,930.2564,295,944.41

268,380,874.66(68.50)(93.04)
22Professional Services18,170,418,658.14130,093,965,646.22

148,264,384,304.36615.97103.90
23Properties and Investments1,080,753,560.383,345,317,454.22

4,426,071,014.60209.54485.63
24Publishing,Printing, Paper Packaging271,025,879.632,762,023,034.26

3,033,048,913.89919.101,039.85
25State Ministries & Parastatals17,349,027,470.2411,437,951,293.94

28,786,978,764.18(34.07)10.68
26Stevedoring, Clearing and Forwarding1,598,344,366.741,673,267,976.93

3,271,612,343.674.6919.91
27Textile and Garment industry13,492,622.9927,227,080.03

40,719,703.02101.79(17.44)
28Transport and Haulage Services4,483,225,417.8922,242,631,559.27

26,725,856,977.16396.13(28.50)

Sub-Total (Local)152,326,180,613.36417,735,912,046.54

570,062,092,659.90174.2466.27

Other Payments55,850,994,381.002,724,981,883.60

58,575,976,264.60(95.12)(91.30)

Foreign CIT Payment184,474,096,834.0951,605,506,069.86

236,079,602,903.95(72.03)(56.80)

Total392,651,271,828.45472,066,400,000.0000864,717,671,828.4520.2317.42

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