FIRS generates N427.07bn as Company Income Tax in Q2- NBS

The Federal Inland Revenue Service (FIRS) generated N472.07bn as Company Income Tax in the Second Quarter of 2021.

This represents 20.23% increase Quarter-on-Quarter from N392.64bn generated in Q1 2021 and 17.42% increase Year-on-Year from N402.03bn generated in Q2 2020.

According to the National Bureau of Statistics, Professional Services generated the highest amount of CIT with N130.09bn generated and closely followed by Other Manufacturing which generated N87.27bn, Banks & Financial Institutions generated N60.01bn while Textile and Garment Industry generated the least and closely followed by Automobiles and Assemblies and Pioneering with N27.23m, N62.15m and N64.30m generated respectively.

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.

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