Nairametrics| Deposit Money Banks (DMB’s) in Nigeria reported a total of N137.29 billion in taxes for the financial year 2016. The figure represents a 43% increase from the N95.8 billion paid by banks in 2015.
- Banks reported a total pre-tax profits of about N578 billion for the year ended December 2016. This compares to a pre-tax profit of N529 billion in 2015.
- Taxes of N137.2 billion for 2016 represents a tax rate of about 23.3% compared to the 18% paid in 2015.
- Nigeria has a corporate tax rate of 30%.
- GT Bank paid the highest tax at about N32. 8 billion (2015: N21.2 billion)
- Diamond Bank paid the most taxes as a percentage of profits, as they incurred a tax rate of about 32%. Included in Diamond Bank’s taxes are minimum taxation
- Average tax rates for deposit money banks was 23% compared to 18% recorded in 2015.
Note: The list of banks used in this data include banks listed on the Nigerian Stock Exchange.
See table below