By Aduragbemi Omiyale
Dangote Industries Limited has been declared as the most compliant taxpayers in Nigeria by the Federal Inland Revenue Service (FIRS).
The conglomerate received this huge recognition at the just concluded Lagos International Trade Fair for its tax policy that is based on zero tolerance for tax non-compliance.
As part of its special day activities at the 2024 Lagos International Trade Fair, the FIRS celebrated several business organisations for their high levels of tax compliance.
Two companies from the DIL, Dangote Cement and Blue Star Shipping, were recognised by the nation’s tax regulatory agency.
Commenting on the accolades, the Head of Tax Compliance at Dangote Industries Ltd, Ms Titi Fowokan, said, “Dangote as a group has a tax policy based on zero tolerance for tax non-compliance. As good corporate citizens, we comply with all relevant laws, including tax laws.
“Also, complying with the tax payment statutory deadlines ensures that we do not fall foul of the law, which stipulates penalties for non-compliance.”
According to her, Dangote Group achieved compliance by implementing world-class processes that align with the requirements of the tax laws and regulations, considering the need to strictly adhere to statutory timeliness and eliminate the costs of non-compliance.
“We pride ourselves in the Dangote Brand and seek to promote a tax compliance culture, which demonstrates our corporate responsibility to the government for the provision of public goods and services for the citizens,” she added.
Ms Fowokan explained that the company as part of steps to achieve compliance maintained its best practice tax governance culture, and ensured accurate tax computation and timely remittance to avoid penalties and interest arising from tax compliance defaults. She affirmed that these steps helped to minimise tax audit risks and avoid the incidence of tax litigations.
In a related development, Dangote Cement Plc emerged as the Largest Commercial Paper Quotation on FMDQ and the Single Largest Corporate Debt Issue on FMDQ.
In addition, Dangote Industries Ltd was announced as the “Most active corporate in the foreign exchange market”.
The FMDQ GOLD Awards, (Global Competitiveness, Operational Excellence, Liquidity and Diversity), is a corporate tradition that recognises the resilience and agility of the Nigerian financial markets’ participants.
The award acknowledges the valuable efforts of these stakeholders, whose participation in the FMDQ markets and across the financial market infrastructure value chain of FMDQ’s businesses – Securities Exchange, Central Counterparty and Depository – have positively shaped the course of the markets and invariably impacted the development of the Nigerian economy.
