Economy

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

Published

4 years ago

August 11, 2021

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/No	Classification	Q1	Q2	Q3	Q4	Total	Q1 2021 / Q2 2021	Q2 2020 / Q2 2021
1	Agricultural and Plantations	924,419,833.16	2,990,066,836.70			3,914,486,669.86	223.45	152.08
2	Automobiles and Assemblies	73,573,733.80	62,145,786.74			135,719,520.54	(15.53)	(23.86)
3	Banks & Financial Institutions	9,255,990,682.37	60,007,244,969.98			69,263,235,652.35	548.31	22.59
4	Breweries.Bottling and Beverages	23,259,571,398.10	7,147,540,292.55			30,407,111,690.65	(69.27)	(68.31)
5	Building and Construction	2,976,931,859.24	5,075,669,091.19			8,052,600,950.43	70.50	(16.40)
6	Chemicals, Paints and Allied Industries	354,357,162.46	310,430,418.29			664,787,580.75	(12.40)	41.08
7	Commercial and Trading	13,498,999,034.66	23,650,733,866.51			37,149,732,901.17	75.20	61.54
8	Conglomerates	568,849,352.24	1,462,841,377.94			2,031,690,730.18	157.16	273.98
9	Federal Ministries & Parastatals	6,353,628,059.68	4,902,994,755.00			11,256,622,814.68	(22.83)	54.63
10	Gas	805,954,085.83	8,380,295,428.41			9,186,249,514.24	939.80	1,178.39
11	Hotels and Catering	789,833,476.97	2,849,753,470.42			3,639,586,947.39	260.80	618.99
12	Local Government Councils	221,668,579.13	182,125,458.86			403,794,037.99	(17.84)	(36.42)
13	Minning	34,403,394.26	12,489,746,151.37			12,524,149,545.63	36,203.82	30,027.03
14	Not Available	14,609,988,315.58	17,166,971,138.34			31,776,959,453.92	17.50	87.84
15	Offshore Operations	408,255,326.72	190,949,568.78			599,204,895.50	(53.23)	(73.13)
16	Oil Marketing	1,892,967,953.24	2,028,220,180.48			3,921,188,133.72	7.14	(32.27)
17	Oil Producing	15,356,262,633.49	8,241,082,551.48			23,597,345,184.97	(46.33)	(3.76)
18	Other Manufacturing	16,254,491,474.49	87,268,147,945.43			103,522,639,419.92	436.89	370.18
19	Petro-Chemical and Petroleum Refineries	557,231,418.33	84,617,742.85			641,849,161.18	(84.81)	(96.18)
20	Pharmaceutical,Soaps and Toileteries	958,429,933.35	1,597,655,025.94			2,556,084,959.29	66.70	(20.29)
21	Pioneering	204,084,930.25	64,295,944.41			268,380,874.66	(68.50)	(93.04)
22	Professional Services	18,170,418,658.14	130,093,965,646.22			148,264,384,304.36	615.97	103.90
23	Properties and Investments	1,080,753,560.38	3,345,317,454.22			4,426,071,014.60	209.54	485.63
24	Publishing,Printing, Paper Packaging	271,025,879.63	2,762,023,034.26			3,033,048,913.89	919.10	1,039.85
25	State Ministries & Parastatals	17,349,027,470.24	11,437,951,293.94			28,786,978,764.18	(34.07)	10.68
26	Stevedoring, Clearing and Forwarding	1,598,344,366.74	1,673,267,976.93			3,271,612,343.67	4.69	19.91
27	Textile and Garment industry	13,492,622.99	27,227,080.03			40,719,703.02	101.79	(17.44)
28	Transport and Haulage Services	4,483,225,417.89	22,242,631,559.27			26,725,856,977.16	396.13	(28.50)
	Sub-Total (Local)	152,326,180,613.36	417,735,912,046.54			570,062,092,659.90	174.24	66.27
	Other Payments	55,850,994,381.00	2,724,981,883.60			58,575,976,264.60	(95.12)	(91.30)
	Foreign CIT Payment	184,474,096,834.09	51,605,506,069.86			236,079,602,903.95	(72.03)	(56.80)
	Total	392,651,271,828.45	472,066,400,000.00	0	0	864,717,671,828.45	20.23	17.42

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