In its financial report for the year ended 2018, the cement firm which operates in many African countries, including Nepal is seeking an exemption from paying an additional tax of about 43 billion naira in the course of the financial year.
According to a note by the company’s auditor, Deloitte, Dangote Cement is seeking an extension of its pioneer tax holiday status by two years to enable it enjoy more tax exemption.
Dangote Cement's three production lines in Ibeshe and Obajana have enjoyed three years tax holiday, which expired in February 2018.
However, the company is seeking extension of the pioneer tax holiday for the production lines to enable it pocket about 43 billion naira in tax money.
The commission is yet to grant the company’s request for additional years of tax exemption.
Meanwhile, the company posted 7.2 percent increase in its profit before tax to 300.81 billion naira at the end of 2018 financial year.
The cement firm, which accounts for a third of Nigerian Stock Exchange (NSE) capitalization posted profit before tax of 280.59 billion naira in the previous financial year.
Latest data posted on the NSE webpage showed that the company earned 901.21 billion naira in revenue from cement and other product sales last financial year, representing 11.87 percent increase over the same period of 2017.
In 2017, the company total income from cement sales and other products stood at 805.58 billion naira.
It would be recalled that the Dangote Group Limited has been granted tax waiver by the government for a period of time in lieu of its reconstruction of roads leading to the nation’s port complex in Lagos.
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