MTN Group has vehemently disputed the $773 million back-tax bill, penalties and interest charges slammed on its subsidiary in Ghana.
The firm said in a statement on Friday, January 13, 2023, that the Ghana Revenue Agency’s claims are not reliable, according to reports.
Africa’s largest telecom company said it received the notice that the bill is for the period between 2014 and 2018, implying that MTN under-declared its revenue in Ghana by 30 per cent.
“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 telco said.
“MTN Ghana strongly disputes the accuracy and basis of the assessment, including the methodology used in conducting the audit.”
According to Bloomberg, the company alleged that the revenue agency used a third-party consultant and a new methodology in its calculations.
The Group stated that the Ghanaian agency began an audit of its business in the country in 2019 to examine the reliability and completeness of the revenue it declared during the period.
“MTN Group and MTN Ghana will continue to engage with the relevant authorities on this matter and MTN remains resolute that MTN Ghana is a tax-compliant corporate citizen,” MTN said.
The Ghanaian government has been under intense pressure to keep its economy afloat amid dwindling economic fortunes.
In 2022, the West African country defaulted on its loans and suspended all debt servicing under certain classes of its external debt.
Ghana also reached a staff-level agreement with the International Monetary Fund on a $3 billion bailout plan to tackle its economic woes.
Ghana agreed to a comprehensive debt restructuring from IMF before the facility was granted.
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