Cash-strapped Ghana slams $773 million tax penalties on MTN
The Ghanaian government has fined MTN $773 million in tax penalties amid the country’s raging economic chaos.
The largest wireless carrier in Africa, MTN, reported receiving a $773 million back-tax bill from Ghana that it intends to contest. The bill includes penalties and interest charges.
The company stated that it received a notice from the Ghanaian government alleging that it under-declared its revenue in the country by 30 percent between 2014 and 2018, thus the $773 million tax penalty.
MTN asserts in a statement released on Friday that it vehemently contests the $773 million back-tax bill, penalties, and interest charges that its subsidiary in Ghana was issued.
Expressing its disapproval of the Ghana Revenue Authority’s (GRA) bill, MTN argued that it lacks a reliable source of income.
“MTN Ghana believes that the taxes due have been paid during the period under assessment and has resolved to vigorously defend MTN Ghana’s position on the assessment,” the telecommunication company said
“MTN Ghana strongly disputes the accuracy and basis of the assessment, including the methodology used in conducting the audit,” it added.
The penalty was imposed as the nation battles a debt crisis and record inflation.
Ghana has been fighting to keep its economy strong in the face of an external debt crisis.
A loan default was declared by the Ghanaian government in 2022, and all payments for debt service on some types of external debt were suspended.
The suspension of debt payments followed a staff-level agreement between Ghana and the International Monetary Fund (IMF) on a $3 billion bailout package to address the country’s economic problems.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Economy
Tinubu committed to investment in renewable energy, says presidential aides
He said Mr Tinubu is committed to investments in renewable energy development, human capital empowerment, clean energy innovation, and Nigeria’s Energy Transition Plan.
Agriculture
Flooding may raise vegetable prices, Lagos farmers warn
“If we sold vegetables at lower prices before, they will now become more expensive because farmers must recover their losses,” she said.
States
Oyo Abduction: Freed teacher says terrorists released victims before security operatives arrived
Abducted on May 15, the Oyo schoolchildren and their teachers were freed on June 10, after 56 days in captivity.
States
Residents lament deplorable road in Ondo community, seek government intervention
Residents of the agrarian community described the road as a death trap.
NationWide
Stakeholders in Osun, Ondo, Ekiti call for broader participation in constitutional reforms
They also appealed to Nigerians to pay equal attention to all constitutional amendment bills, rather than focusing on the state police proposal.
Economy
SEC set to deliver sustained zero trade fail rate in T+1 settlement cycle: DG
The DG said the focus would be on full delivery-versus-payment discipline across custodians, brokers and the Central Securities Clearing System Plc (CSCS).
