Nigeria: Stanbic IBTC Holdings to pay N25.16 billion windfall tax
Stanbic IBTC Holdings, a subsidiary of Standard Bank, has declared a windfall tax of N25.16 billion for the 2023 fiscal year.
The development follows the enactment of the Finance Act, 2022, which imposes a one-off 50% tax on companies that recorded a 30% or more increase in profits.
Stanbic IBTC Holdings emerged as one of the companies affected by the new law due to its significant profit growth in 2022.
According to the company's financial statement, its profit before tax jumped by 33% from N146.4 billion in 2021 to N194.7 billion in 2022.
The windfall tax is expected to be paid by June 30, 2023, as stipulated by the Finance Act.
The revenue generated from the windfall tax is expected to be used by the government to fund critical infrastructure projects and social programs.
Stanbic IBTC Holdings is one of the leading financial institutions in Nigeria, offering a wide range of banking and financial services.
The company has a strong track record of profitability and growth, making it one of the most valuable companies in Nigeria.
The payment of the windfall tax is a significant development that highlights the impact of the government's efforts to increase tax revenue.
It also demonstrates Stanbic IBTC Holdings' commitment to contributing to the economic development of Nigeria.
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