CEM REPORT, FINANCE | The Federal Inland Revenue Service (FIRS) and other tax authorities have received a total of N461.2 billion as tax in 2022 from 14 companies listed on the Nigerian Exchange Limited (NGX).
The tax paid by these 14 companies represents an increase of 10.7 per cent from the N416.64 billion reported at the close of the 2021 financial year.
The increase is no surprise as these companies operating in cement manufacturing, petroleum marketing, telecommunication, and Fast-moving consumer goods (FMCG), among other sectors of the economy recorded a 12.6 per cent from N965.4 billion in 2021 to N1.09 trillion in profit after tax in 2022.
Published reports show that MTN Nigeria Communication, paid the highest to the tune of N175.1 billion in 2022, an increase of 27 per cent from N138.03 billion in 2021
Dangote Cement followed, declaring N141.69 billion in tax expenses in 2022 from N173.93 billion in 2021.
Additionally, the combination of Dangote Cement, Dangote Sugar Refinery and Nascon Allied Industries where Aliko Dangote has a major stake as Chairman and investors paid a total sum of N172.16 billion as tax expenses in 2022 from N187.16billion in 2021.
It is worth noting that the total tax expense of these 14 companies was not paid to only Nigeria but also to other African governments where they operate.
Recall that according to the National Bureau of Statistics (NBS) in its latest company income tax report provided by the Federal Inland Revenue Service (FIRS), the agency generated N2.83 trillion as company income tax for the 2022 financial year,