The amount generated from Company Income Tax in the second quarter of 2021 increased by 20.23 per cent to N472.07 billion over N392.64 billion that was realised in the first three months of the year, according to latest data by the National Bureau of Statistics (NBS).
CIT by sectors released by the NBS last night showed that the amount generated reflected a 17.4 per cent increase compared to N402.03 billion that was realised in the second quarter of last year.
Professional services generated the highest amount of CIT with N130.09 billion generated and closely followed by Other Manufacturing which generated N87.27 billion while Banks & Financial Institutions generated N60.01 billion.
Textile and Garment Industry generated the least and closely followed by Automobiles and Assemblies and Pioneering with N27.23 million, N62.15 million and N64.3 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. The balance of N2.72 billion was generated as CIT from other payments.
A total of N512.25 billion was generated from Value Added Tax (VAT) in the second quarter of 2021, an improvement of 3.2 per cent compared to N496.39 billion that was made in the first quarter of the year.
According to Q2 2021 Sectoral Distribution of Value Added Tax (VAT) released last night by the National Bureau of Statistics (NBS) , what was realised in the second quarter of this year was 56.56 per cent better than what was realised in the second quarter of last year.
In the Q2 period of last year, N327.2 billion was generated despite the fact that most parts of the country was shut down due to the Covid-19 pandemic. Data from the NBS showed that most of the VAT generated in Q2 2021 was from Other Manufacturing which pulled in N44.89 billion in the three months period.
It was followed by Professional Services which generated N29.30 billion and Commercial and Trading which generated N21.96 billion. Textile and Garment industry had m generated the least VAT during the period and followed by Pioneering and Pharmaceutical, Soaps and Toiletries with N77.74 million, N169 million and N188.71 million generated respectively.
The total amount generated in Q2 2021, N187.43 billion was generated as Non-Import VAT locally while N207.69 billion was generated as Non-Import VAT for foreign. The balance of N117.13 billion was generated as NCS-Import VAT.