The taxes paid by banks was a 10.7 per cent improvement over N72.49 billion paid into the government coffers in the same period in 2020.
A total of N10.99 billion had been paid as Value Added Tax in the first six months of the year while N69.26 billion was paid as Company Income Tax between January and June this year.Data released by the National Bureau of Statistics showed that N3.28 billion had been paid as VAT in the first three months of the year.
This increased by more than 134 per cent in the second quarter to N7.71 billion. Year on year, the second quarter VAT remittance had increased by 50.87 per cent when compared to N5.11 billion that was recorded in the second quarter of 2020. In total, VAT collected rose by 3.2 per cent quarter on quarter and 56.5 per cent year on year to N512.25 billion while CIT increased by 20.2 per cent quarter on quarter and 17.4 per cent year on year to N472.07 billion.
This brings the total income from VAT and CIT to N984.32 billion, an increase of 10.72 quarter on quarter. A further breakdown of the VAT income showed improved collections from the mining, banks and financial institutions as well as properties and investments sectors.
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