Tax reform bills, in recent weeks, have been a subject of strong debate among politicians, governors, experts, and ordinary Nigerians.
While northern politicians have strongly opposed them, Taiwo Oyedele, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has consistently emphasised the importance of the bills for Nigeria’s economic growth.
The amount companies pay as taxes contributes significantly to federal and state government budget financing.
Tax companies in Nigeria
Photo credit: Bloomberg / Contributor
Source: Getty Images
ThisDay reports that 21 companies listed on the Nigerian Exchange Limited (NGX) paid N1.56 trillion taxes to Federal Inland Revenue (FIRS) and other revenue agencies in nine months of 2024.
Henzodaily.ng analyses the 10 companies with the highest tax payments e highest amounts so far in 2024.
Dangote Cement
The largest highest paying tax company is Dangote Cement.
Data from its financials showed it paid about N128.7 billion as income taxes in the first nine months of 2024.
Dangote Cement’s income tax payments increased by 3% year-on-year, rising from N124.5 billion in the first nine months of 2023.
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MTN Nigeria
Nigeria telecommunication gaint, MTN reports that it paid N126.6 billion as income tax in the first nine months of 2024.
However this is a a 31% decline from N184.5 billion in nine months 2023.
UBA
United Bank for Africa is also one of the highest tax paying company with N102.3 billion in nine months of 2024.
This is a significant 227% increase from N31.3 billion in 9 months of 2023, making it the largest taxpayer among Nigerian banks.
Seplat Energy
Seplat Energy, Nigeria’s leading indigious company reported that it paid Seplat Energy paid about N95.9 billion in taxes during the nine months of 2024.
This marks a 169 percent year-on-year growth from the N35.7 billion paid in 9 months of 2023. BusinessDay reports.
GTCO Holdings
GTCO Holdings paid N83.1 billion in income taxes in 9M 2024, a modest 1% increase from N82.7 billion in 2023. The group’s tax liability grew to N91.9 billion, driven by a N133.7 billion tax charge for the period.
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Zenith Bank
Zenith Bank paid N78.1 billion, 5% lower than N82 billion in 9M 2023. Tax expenses increased by 47% year-on-year to N175.6 billion.
FBN Holdings
FBN Holdings paid N37.2 billion in income taxes in 9M 2024, a 49% increase from N25 billion in 2023.
The group’s income tax expense grew by 150% year-on-year to N84.6 billion from N33.8 billion in the corresponding period.
Dangote Sugar Refinery
Dangote Sugar Refinery paid N22.3 billion in taxes during 9M 2024, a 37% increase from N16.3 billion in 2023.
Stanbic IBTC Holdings
Stanbic IBTC Holdings paid N20.2 billion in taxes in 9M 2024, a 33% increase from N15.2 billion in 2023. The group’s income tax charge nearly doubled year-on-year to N40 billion from N20.2 billion.
Nestle Nigeria
Nestle Nigeria paid N19 billion in taxes in 9M 2024, a 27% decrease from N25.9 billion in 2023. Despite significant losses, the company remains one of Nigeria’s largest taxpayers.
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Sanwo-Olu reacts to claims that Lagos would benefit more
Earlier, Henzodaily.ng reported that Babajide Sanwo-Olu, the governor of Lagos State, reacted to reports suggesting that the state would be a primary beneficiary of the proposed tax reforms.
Sanwo-Olu specifically addressed the changes to the value-added tax (VAT) sharing model.
He noted that, contrary to claims, the state might experience some disadvantages in certain areas due to the reforms.
Source: Henzodaily.ng