Nigeria Business Information
No Result
View All Result
Friday, May 20, 2022
  • Login
  • Register
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription
Subscribe
Nigeria Business Information
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription
No Result
View All Result
Nigeria Business Information
No Result
View All Result
Home Nigeria News

See the 10 Nigerian companies that paid N351.4 billion taxes in 2020

by Nathaniel Segun
October 13, 2021
in Nigeria News
Nigerian Companies

By law, every profit making company or institution is mandated to make tax remittances to the government. Over the years, these remittances have been made through the Federal Revenue Inland Services (FIRS) to the Federal Government of Nigeria.

This compulsory levy is necessary to provide funds for the government to execute its key capital projects without necessarily resorting to borrowing. With Nigeria’s rising debt to GDP ratio, it is imperative to engender policies that would stimulate greater tax compliance and judicious use of the proceeds for the welfare of the citizenry.

Remarkably, findings by naijabusiness.com.ng revealed that about ten elite companies in Nigeria listed on the website of the NGX, paid out a total of about N351.4 billion as tax for the year ended December 31, 2021.

The breakdown of the amount paid revealed that Dangote Cement Plc paid the highest amount by any Nigerian company for the period. It paid a total of N97.24 billion as tax to the Federal Government. This is not surprising given the capacity of the company and its recent financial records. As at the period of filing this report, Dangote Cement Plc is the most capitalized Nigerian company with a market capitalization of about N4.17 trillion.

READ: 7 things you should know about Nigeria’s first digital currency, eNaira

RelatedPosts

No Content Available

Next on the line was MTN Nigeria which paid a total of N93.66 billion as tax to the government for the aforementioned period. Interestingly, MTN Nigeria is also the second most capitalized company in Nigeria with a market capitalization of N3.46 billion as at 31st of December, 2020.

The amount paid as tax by these two elite companies were followed by Guaranty Trust Holding Company (GTCo) with N36.66 billion, Zenith Bank with N25.29 billion, Nestle Nigeria with N21.43 billion, Access Bank with N19.11 billion, UBA with N18.1 billion, Dangote Sugar with N15.85 billion, International Breweries with N12.51 billion and Stanbic IBTC Holding with N11.51 billion.

It is pertinent to state that these figures were extracted from the financial statements of the aforementioned institutions which is currently been tracked by our analysts.

youtube views

TOOLKIT: Are You New to Tenders/Contract Bidding and Require Assistance? CLICK HERE

Tags: Nigerian companies
ShareTweetShare

POPULAR

  • Tenders And Contracts Info - May 2022

    Check List of NGO/Governments Tenders with May 2022 Deadlines

    0 shares
    Share 0 Tweet 0
  • How to Check for your Individual TIN (Tax Identification Number) Online

    0 shares
    Share 0 Tweet 0
  • National Commission For Refugees, Migrants And Internally Displaced Persons (NCFRMI)- Expression Of Interest/Invitation To Tender For 2022 Constituency In Capital And Zonal Intervention Projects (107 Lots)

    0 shares
    Share 0 Tweet 0
  • German Cooperation- Invitation To Tender For The Provision Of Construction And Engineering Services

    0 shares
    Share 0 Tweet 0
  • How to Check Your Ikeja Electric (IKEDC) E-bills Online

    0 shares
    Share 0 Tweet 0

Copyright © 2021. All Right Reserved Nigeria Business Information

No Result
View All Result
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription

Copyright © 2021. All Right Reserved Nigeria Business Information

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

instagram volgers kopen volgers kopen buy windows 10 pro buy windows 11 pro

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.