FIRS Recognises MTN Nigeria As Most Tax Compliant Firm

The Federal Inland Revenue Service (FIRS), has recognised MTN Nigeria as the most tax compliant company in the country.

Aside from being the most tax compliant firm in Nigeria, the telco was also listed among the top 20 taxpayers in Nigeria for 2021 tax year.

In 2021, MTN Nigeria’s total tax contribution to all government agencies, including the FIRS amounted to N757.6 billion.

While FIRS recorded tax revenue of N6.4 trillion in the year, MTN paid a total of N618.7 billion to it, representing 13.5% of the agency’s collection for the year.

“I am delighted at our performance and recognition at this year’s National Tax Dialogue event. While the past 24 months have been challenging for our country and nations worldwide, we are committed to supporting the Federal Government’s ongoing Economic Growth Recovery Plan (EGRP),” said Modupe Kadri, Chief Financial Officer (CFO), who received the awards on behalf of MTN Nigeria.

“We will continue to invest heavily in network expansion with a focus on expanding access to under-served communities. We also plan to connect an additional 2,000 rural communities in 2022,” he added.

Meanwhile, the telco recently released its financial statements for the period ended December 31, 2021, in which it recorded total revenue of N1.654 trillion.

The revenue recorded during the period under review soared by 22.9% when compared to the N1.346 trillion the telco recorded in 2020.

More so, the scorecard released to investors at the Nigerian Exchange Limited (NGX) shows that MTN’s service revenue was up by 23.3% to N1.651 trillion from N1.339 trillion in 2020.

Voice revenue grew by 8.4% to N971.4 billion from N896 billion in 2020, while Data revenue was up 55.3% to N516.1 billion from N332.4 billion in 2020.

Digital revenue went up by 61.2% to N18 billion from N11.2 billion in 2020. Fintech revenue grew by 57.3% to N70.6 billion from N44.8 billion in 2020.

The results show a profit after tax (PAT) rose by 45.5% to N298.7 billion from N205.2 billion in 2020, while earnings per share increased by 35.8% to N14.7 from N10.8 in 2020.