Income tax - Intelpoint

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Key Takeaways:

MTN Nigeria's income tax payments consistently rose from ₦75.66 billion in 2018 to ₦170.1 billion in 2022.
In 2023, there was a significant drop in the payments, which fell to ₦40.87 billion, the lowest in the period under review.
In 2024, MTN Nigeria saw its income tax jump by 267% from 2023's figure.
The company achieved its peak income tax payment of ₦170.1 billion in 2022.
The income tax for MTN in 2023 dropped by ~76% due to substantial forex loss from naira devaluation.

Key takeaways:

Nestlé Nigeria's income tax contributions rose from ₦5.6 billion in 2015 to ₦57 billion in 2024.
In 2024, the company saw an extraordinary 132% rise in taxes compared to the previous year.
Despite facing economic hurdles during the COVID-19 pandemic, Nestlé ensured that its tax contributions remained above ₦21 billion annually from 2020 to 2022.
The significant spike in 2024 was mainly due to a considerable loss before tax, driven by heightened finance costs stemming from the devaluation of the Naira.
Nestlé Nigeria's 144% income tax growth in 2016 is the highest in the past ten years.

Key takeaways:

The third quarter of 2023 displayed an unusually low tax payment of ₦104.9 million.
Tax contributions stabilised once again in Q4 2023 and maintained a robust presence in 2024, especially in Q1 and Q3.
Beginning at ₦1.99 billion in Q1 2021, BUA Foods’ income tax payments displayed fluctuations up until 2024.
Tax payments for BUA Foods remained relatively stable between 2021 and 2022.
The peak tax payments occurred in Q2 2023 at ₦7.09 billion and Q1 2024 at ₦6.54 billion.