MTN pays 13.5% of total FIRS tax revenue
By Jeph Ajobaju, Chief Copy Editor
MTN has been applauded by the Federal Inland Revenue Service (FIRS) as the single largest tax contributor to the treasury, having paid a total N757.6 billion to all
government agencies in 2021, including the FIRS.
MTN paid N618.7 billion in direct and indirect taxes to the FIRS which made it the single biggest contributor to taxes in Nigeria at 13.5 per cent.
This was disclosed at the National Tax Dialogue organised by the FIRS in Abuja, where Finance Minister Zainab Ahmed reiterated that MTN is the most tax compliant organisation in the country.
She said tax revenue objectives are meant to “institutionalise a healthy tax culture among Nigerians. The right attitude towards taxation that will enable every Nigerian to become a co-guardian of the tax system and the commonwealth.”
Ahmed expressed optimism that this will create a participatory system of taxation whereby taxpayers and other stakeholders understand and accept they have an equal stake in the tax system.
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Breakdown
MTN’s total tax contribution to all government agencies, including the FIRS, was N757.6 billion in 2021 while the FIRS collected a total N6.4 trillion in tax revenue, the FIRS disclosed in a statement, as reported by Nairametrics.
MTN paid a total N618.7 billion in direct and indirect taxes to the FIRS, about 13.5 per cent of total FIRS collection for the year.
MTN disclosed in its 2021 full year (FY) audited financial statement released earlier this year that it grew revenue 22.90 per cent from N1.35 trillion in 2020 to N1.65 trillion in 2021.
It reported a 45.5 per cent growth in net profit from N205.21 billion in 2020 to N298.65 billion in 2021