- 13 Nigerian companies listed on the Nigerian Exchange Limited (NGX) remitted a total tax of N289.4billion
- The Federal Inland Revenue Service (FIRS) is one of the collecting agencies and recently declared it exceeded its target in the first eight months of 2021
- Companies operating in Nigeria are meant to pay income tax, Education tax, National Information Technology Development Agency (NITDA) tax, and Nigeria Police Trust Fund levy
The National Bureau of Statistics (NBS) has revealed that the federal government generated a total of N1.69 trillion as Company Income Tax (CIT) in 2021.
Out of this amount of data 17 companies listed on the Nigerian Exchange Limited (NGX) has revealed that they paid a total of N589.6 billion as tax in 2021, an increase of 39 per cent over the N371.56 billion reported by these 17 companies in 2020.
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Companies are required by law to remit tax income to state, federal government agencies, among other agencies where they operate.
Aside from paying the statutory rate of 30 per cent of total profit as the company’s income tax, companies operating in Nigeria are meant to pay Tertiary Education Tax, National Information Technology Development Agency (NITDA) Tax and Nigeria Police Trust Fund Levy.
Dangote Cement, MTN Nigeria, Lafarge, United Bank of Africa and Zenith Bank shows they remitted a combined total of almost N400 billion in tax.
Dangote Cement led with a total payment of N173.92 billion followed by an MTN tax payment of N138.03 billion.
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United Bank of Africa and Zenith Bank together recorded a payment of N35.81 billion and N34.39 billion.
Lafarge another cement giant paid N10.78 billion tax to the federal government in 2021.
Aliko Dangote, Rabiu Abdulsamad make N30.4billion in eight hours
Legit.ng had earlier reported that Nigerian billionaires, Aliko Dangote and Rabiu Abdulsamad have continued to grow their wealth created from businesses such as cement, agriculture.
Dangote's fortune appreciated by 0.03 percent, Abdulsamad's net worth also increased by 1.62 percent today, N28.85 billion and N1.64 billion gain respectively.
The founder of Dangote Cement is now worth $13.4 billion, while BUA founder's wealth is put at $4.3 billion as of Tuesday, October 12, 2021.