Dangote, MTN Top List of Highest Tax-Paying Companies in Nigeria, with a Total Remittance of N289.4bn

Dangote, MTN Top List of Highest Tax-Paying Companies in Nigeria, with a Total Remittance of N289.4bn

  • 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

Dangote Cement Plc has emerged as the country's highest paying company in the country.

The foremost indigenous cement manufacturer came first among 152 listed companies on the Nigerian Exchange in the first six months of 2021.

In the first half of 2021, Dangote Cement Plc joined 13 other firms listed on the Nigerian Exchange Limited (NGX) in remitting a total tax of N289.4 billion to FIRS, and other revenue-generating agencies.

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Dangote Cement paid into the coffer of the federal government a princely sum of N89.62billion, an increase of 144 percent from N36.71billion remitted in 2020.

Dangote, MTN lead list of highest paying tax-paying companies in Nigeria as10 remit a total of N289.4bn
Billionaire Aliko Dangote, chief executive officer of Dangote Group. Photo by: Tom Saater
Source: Getty Images

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Other breakdowns

MTN Nigeria paid the second-largest tax worth N73.29billion in H1 2021, this is 64 percent increase from N44.69billion reported in H1 2020.

While United Bank of Africa reported tax expenses of N15.061billion from N12.7billion in H1 2020.

Guaranty Trust Holding Co PLC despite coming third reported a 12% decline in tax expenses to N13.64billion in H1 2021 from N15.44billion in H1 2020.

Access Bank reported N10.56illion tax expenses in H1 2021 from N13.27billion in H1 2020 as Zenith Bank Plc reported N10.94billion tax income in H1 2021, 6.2% increase from N10.3billion in H1 2020.

On its part, FBN Holdings reported N7.15billion tax expenses in H1 2021, 24% increase over N5.77billion in H1 2020.

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Nestle Nigeria plc recorded tax expenses of N11.65 billion in H1 2021 in the Fast-moving consumer goods (FCMG) category, a 3.2 percent decrease from N12.04 billion reported in H1 2020.

Seplat Energy Plc led a group of 14 firms with N10.11 billion in tax costs in H1 2021, compared to N12.06 billion in tax profits in H1 2021.

Tax charges for Nigerian Breweries Plc and Guinness Nigeria Plc in H1 2021 were N4.2 billion and N4.5 billion, respectively.

In addition, Lafarge Africa Plc tax expenses grew significantly by 55% to N8.43billion in H1 2021 from N5.4billion in H1 2020, while BUA Cement’s recorded N6.3billion tax expenses in H1 2021, 45% increase from N4.35billion recorded in H1 2020.

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.

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Zenith, GT lead as seven banks declare N592bn profit after tax in the first 9 months of 2021

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.

Source: Legit.ng

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