MTN Ghana has been hit with a massive $773m bill by the Ghana Revenue Authority (GRA) that the Authority says is for unpaid back taxes by the company between 2014-2018.
MTN announced the news in a statement and served notice it is prepared to legally fight against the bill, denying it skipped any taxes.
The company said it “strongly disputes the accuracy and basis” of the audit and that it paid all taxes due during the period of the assessment.
Read the full MTN statement below…
NOTICE OF TAX ASSESSMENT ISSUED TO MTN GHANA
MTN shareholders are advised that the Ghana Revenue Authority (GRA), issued Scancom PLC (MTN Ghana or the Company) with a notice of assessment of tax liability (the Assessment).
In this regard the GRA also issued a temporary withdrawal of the notice of the Assessment on 13 January 2023, providing a 21-day timeline to allow for further engagement.
The Assessment was for an amount of approximately GHS8.2 billion (approximately US$773 million at current exchange rates), including penalties and interest charges.
In this regard, the base component of the Assessment (that is, excluding penalties and interest), on MTN Ghana’s analysis, infers that MTN Ghana under declared its revenue by approximately 30% over the audit period.
The GRA audited MTN Ghana for the period 2014-2018 and used a third-party consultant as well as a new methodology based on call data records (CDR), recharges, and other data.
MTN Ghana strongly disputes the accuracy and basis of the Assessment, including the methodology used in conducting the audit.
MTN Ghana believes that the taxes due have been paid during the period under assessment and has resolved to defend MTN Ghana’s position on the Assessment.
Source: theGhanaianVoice.Com