FIRS

The Federal Inland Revenue Service (FIRS) is expecting the fourteen commercial banks that are listed on the Nigerian Stock Exchange (NSE), to pay the sum of N103 billion in taxes for the financial year ended December 2018.

Here are the banks and amounts they are expected to pay 

According to the information contained in their recently released financial statements for the period ended December 2018, here are some the commercial banks and how much they are expected to pay the FIRS. The list is ranked from from the highest to the lowest amounts.

  • Ecobank Transnational Incorporated is top on the list with a total sum of N33.61 billion.
  • Following next is Guaranty Trust Bank Plc with a tax liability of N30.85 billion.
  • United Bank for Africa Plc (UBA) will pay N14.30 billion in taxes. Its tax components include N8.98 billion current tax, and N550 million Information Technology tax and a deferred tax of N5.32 million.
  • Stanbic IBTC Bank Plc declared a tax liability of N13.712 billion.
  • Zenith Bank is to pay  N4.052 billion minimum tax.
  • Fidelity Bank Plc reported a tax liability of N2.16 billion, made up of a current tax of N1.91 billion and IT tax of N251 million.
  • Access Bank Plc reported a tax payable of N1.65 billion.
  • Wema Bank Plc announced a tax of N1.47 billion for the year.
  • Sterling Bank Plc is billed to pay a tax of N271 million for the period, adding that it paid N710 million during the year.
  • First City Monument Bank Plc (FCMB) reported a tax liability of N123.3 million, made up of N107.1 million of dividend tax and N16.2 millon income tax.

Not all tax info were gotten from the companies’ full-year 2018 results – The amounts listed below for the rest of the banks was gotten from the financial statements from January to September 2018, because their financial statements for the end of the year was not out as at the time the results were been collected from the banks.

  • Diamond Bank reported N398.4 million tax liability.
  • Union Bank reported N164 million tax liability.
  • Unity Bank reported N57.94 million tax liability.
  • First Bank reported N38 million tax liability.

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