The income tax paid by Dangote Cement Plc, almost doubled in the first quarter of 2021.
According to the audited report obtained from Dangote cement website, the company’s income in the first three months was N332.65 billion and it paid N40.39 billion income tax to the federal government.
The taxation amount is 47.3 percent higher this quarter than the N27.42bn paid in Q1 2020.
The increase Dangote cement explained was due to the end of tax exemption and incentives enjoyed which has now ended in 2020, for some of its factories which include Ibese lines and Obajana line 4.
“An increased Nigeria effective tax rate of 28.3% as compared to the effective tax rate of 20.7 percent for Q1 2020 when we still had several lines still under pioneer status,” the note said.
Interestingly, Dangote income tax paid is almost at par with the total income tax paid by the Nigerian banks in the first three months of the year.
According to financials, Nigerian Banks paid a combined total of N42.26bn as income tax for the first quarter of this year.
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