MTN Ghana may declare bankruptcy with $773m in overdue taxes.

Africa

MTN Ghana may declare bankruptcy with $773m in overdue taxes.

January 14, 2023January 14, 2023

A demand for back taxes of almost $773 million, including penalties and interest costs, has been sent to the Ghanaian subsidiary of South African mobile operator MTN Group, the parent firm announced on Friday.

MTN Ghana received the bill from the Ghana Revenue Authority after it was audited for the years 2014 to 2018 and it was determined that the business had understated its revenue by around 30% during that time, according to a statement from MTN.

The carrier, which operates in 19 African and Middle Eastern nations, asserted that it rejects the “accuracy and premise” of the evaluation and that it will contest it in court.

MTN Ghana stated that it “believes that the taxes owing have been paid throughout the period under assessment” and that it “has resolved to defend MTN Ghana’s stance on the Assessment.”

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