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Friday , 16 November 2018

Zenith hailed as best tax payer in banking

Zenith bank has gotten the cake in this era of tax evasion and deliberate attempts by multinationals to shift profits from one jurisdiction to another, amongst others.

With transparency in her financial reports, Zenith Bank has paid the highest tax at about N25.6 billon from a pre-tax profit of N107.358 billion. Guaranty Trust Bank followed with a tax payment of N14.051 billion from a profit before tax of N109.6 billion, while Ecobank Transnational Corporation (ETI) paid tax of N13.707 billion after posting a profit before tax of N65.099 billion. Stanbic IBTC Groups paid tax of N7.646 billion from a pretax profit of N50.730 billion, FBN Holdings declared a tax of N1.309 billion from a profit after tax of N20.061 billion, FCMB Groups paid tax of N928.833 million from a profit before tax of N1.10 billion and Diamond Bank paid tax of N470 million with a pre-tax profit of N2.9 billion.

Others are Wema Bank, Union Bank of Nigeria, Sterling Bank and Jaiz Bank which paid tax of N244.926 million, N206 million, N149 million and N24.525 million respectively, from a profit before tax of N1.81 billion, N11.664 billion, N6.3 billion and N231.215 million in that order.

 

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