NGX: 24 Listed Companies Remit ₦215.9bn Tax to FIRS, Others in Q1 2022

Twenty-four companies listed on the Nigeria Stock Exchange have remitted a total of ₦215.9 billion in tax to the Federal Inland Revenue Services (FIRS), among other revenue-generating agencies in the first quarter of 2022.

Naija News reports that the companies’ remittance represents a 61 per cent increase over the ₦133.42 billion reported by these 24 companies in the first quarter of 2021.

The 24 companies are made up of cement manufacturing, telecommunication, oil & gas, financial institutions and Fast-Moving Consumer Goods (FMCG) companies listed on the Nigerian Exchange Limited (NGX).

Companies operating in Nigeria are expected to remit corporate tax, information technology tax, tertiary education tax, among others to federal government agency, state revenue generating agencies and agencies in countries where they have branches.

According to THISDAY, Dangote Cement, MTN Nigeria and Seplat Petroleum Development Company remitted most tax expenses in the period under review.

Dangote Cement in Q1 2022 tax expenses rose by 25.14 per cent to ₦50.55billion as against ₦40.39billion reported in Q1 2021, while MTN Nigeria reports ₦46.77billion tax expenses in Q1 2022, representing nearly 60 per cent increase from ₦29.2billion reported in Q1 2021.

Further extracts from listed companies unaudited Q1 2022 results showed that Seplat petroleum reported ₦26.4billion tax expenses from ₦1.19billion reported in Q1 2021.

Also, Totalenergies Marketing Nigeria reported ₦2.2billion tax expenses in Q1 2022, representing an increase of 58.5 per cent from ₦1.38billion reported in Q1 2022.

In the banking sector, Ecobank Transnational Incorporated (ETI) reported ₦13.75billion tax expenses in Q1 2022 from ₦10.34billion in Q1 2021, as GTCO’s tax expenses rose by 36 per cent to ₦11.08billion in Q1 2022 from ₦8.2billion reported in Q1 2021.