Stanbic IBTC Pays N11.506 Billion in Income Tax in 2020

Stanbic IBTC Holdings Plc, one of the leading financial institutions in Nigeria, paid N11.506 billion to the federal government of Nigeria as corporate income tax in 2020.

The bank stated in its audited financial statements released on Wednesday.

Stanbic IBTC profit after tax rose to N83.211 billion in 2020 while gross earnings stood at N234.446 billion in the year under review, up from N233.808 billion filed in 2019.

The lender has now joined the likes of Dangote Cement, Ecobank and Lafarge Africa that paid N97.242 billion, N34.130 billion and N6.352 billion, respectively.

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.