Finance
Dangote Cement, Ecobank, Lafarge Pay N137.7 Billion in Income Tax in 2020
Income tax paid by Dangote Cement, Ecobank Nigeria and Lafarge Africa stood at N137.7 billion in 2020.
Nigeria’s Company Income Tax (CIT) is presently charged at the rate of 30 percent for business that earns more than N100 million in turnover while it is charged at a rate of 20 percent for business with a turnover between N25 million and N100 million.
The companies disclosed in their audited financial reports released through the Nigerian Stock Exchange.
Dangote Cement paid N97.242 billion in income tax during the period while Ecobank paid N34.130 billion in the same period. It is unclear what else Ecobank paid for to amount to N34.130 billion given that its profit before tax for the period stood at N66.598 billion.
Lafarge Africa remitted N6.352 billion income tax in the financial year ended 31, December 2020 to bring the total paid to the Federal Government by the three companies to N137.7 billion.