The Company Income Tax (CIT) sector of Nigeria has recorded a growth rate of 20.23%, (quarter on quarter basis) in the second quarter of 2021, according to a report by the National Bureau of Statistics (NBS).
The NBS in its latest report disclosed that Nigeria generated a total of N427.07billion from the CIT sector in the second quarter of 2021 as against the N392.64 billion generated in the Q1, 2021.
This also accounted for a 17.42% increase from the corresponding period of Q2 2020.
Further breakdown revealed that Professional Services generated the highest amount of CIT with N130.09bn in the period under review. Other Manufacturing companies came second with N87.27bn generated income while the Banks & Financial Institutions came third with N60.01bn generated income, in the period under review.
Also, the Textile and Garment Industry generated the least with N27.23million, followed by Automobiles and Assemblies, N62.15m and Pioneering with N64.30m in the second quarter of 2021.
In addition, out of the total amounted 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.
