As Nigerians offer contrasting views on the tax reform bills set to alter the taxation framework, the Nigerian Exchange (NGX) has unveiled the largest corporate taxpayers of 2024.

The ranking showcases the significant contributions of companies listed and is based on publicly available financial statements of NGX-30 companies.

According to the ranking, Dangote Cement, MTN Nigeria, Dangote Sugar and other top corporations collectively paid approximately N800 billion in income taxes during the first nine months of 2024.

This marks an impressive 110% year-on-year increase from the N381 billion paid in the same period in 2023.

Tribune Online presents the top 10 largest taxpayers in Nigeria in the first nine months (9M) of 2024.

1. Dangote Cement – N128.7 billion

Dangote Cement paid about N128.7 billion as income taxes in the first nine months of 2024. The income taxes paid by Dangote Cement represented a 3 percent year-on-year increase from the N124.5 billion income tax paid in 9 months in 2023.

In just nine months, 2024, the group’s income tax expense amounted to N127.3 billion, about the same income tax expense recorded in the first 9 months in 2023. The company’s effective tax rate slightly declined year-on-year from 31.5 per cent as of 9 months of 2023 to 31.3 per cent as of 2024.

2. MTN Nigeria – N126.6 billion

Despite net losses posted by MTN Nigeria in 2024, the company paid about N126.6 billion as it continues to prove its place as one of Nigeria’s largest taxpayers. The amount paid by MTN during the period was a 31 per cent decline from the N184.5 billion the company paid in 2023.

MTN Nigeria has deferred tax assets amounting to N361.5 billion and no deferred tax liabilities.

3. UBA – N102.3 billion

UBA spent about N102.3 billion on the payment of income tax in 2024. This represents a 227 per cent year-on-year growth from the N31.3 billion spent in 2023. During the period under review, UBA was the largest taxpayer among banks in Nigeria.

4. Seplat Energy – N95.9 billion

Seplat Energy paid about N95.9 billion in taxes during the nine months. This marks a 169 per cent year-on-year growth from the N35.7 billion paid in 2023. The oil and gas player recorded an income tax expense of N313.9 billion in 2024, marking an effective tax rate of 86 per cent.

5. GTCO Holdings – N83.1 billion

GTCO Holdings made payments of about N83.1 billion as income tax payments in 2024, marking a 1 percent year-on-year growth from the N82.7 billion the bank paid in 2023. The banking group’s income tax liability grew to N91.9 billion at the end of nine months in 2024, given its N133.7 billion tax charge for the nine months.

6. Zenith Bank – N78.1 billion

Zenith Bank paid about N78.1 billion as income taxes for nine months. However, this was 5 per cent lower than the N82 billion the group paid as income taxes in 9M 2023. During the period, the group’s income tax expense hit N175.6 billion, marking a 47 per cent year-on-year increase from the N119.1 billion recorded in 9M 2023.

7. FBN Holdings – N37.2 billion

The group paid N37.2 billion as income taxes in 2024, marking a 49 per cent growth from the N25 billion paid in 9M 2023. During the period under review, the company’s income tax expense was N84.6 billion, marking a 150 percent year-on-year growth from the N33.8 billion recorded in 9M 2023.

8. Dangote Sugar – N22.3 billion

Dangote Sugar paid N22.3 billion as taxes in the nine months ending September 30, 2024. It was 37 per cent higher than the N16.3 billion spent in the corresponding period in 2023. The group posted a loss before tax of N276.6 billion, however, it claimed a tax credit of N91.2 billion, bringing its net loss to N184.4 billion.

9. Stanbic IBTC Holdings – N20.2 billion

Stanbic IBTC Holdings made the list of the largest taxpayers in Nigeria, as it made N20.2 billion in tax payments in 9M 2024. This marked a 33 per cent year-on-year growth from the N15.2 billion tax payments made in 9M 2023.

10. Nestle Nigeria – N19 billion

Nestle Nigeria reported tax payments of N19 billion in the first nine months of 2024, reflecting a 27 per cent decline compared to the N25.9 billion paid during the same period in 2023.

Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).