MultiChoice reaches $37 million tax settlement with Nigeria tax authorities

MultiChoice reaches $37 million tax settlement with Nigeria tax authorities

Pan-African broadcaster MultiChoice has paid $37 million to Nigeria tax authorities for tax expenses introduced ahead in 2021.

MultiChoice can pay ₦35 billion (~$37 million) to Nigeria’s Federal Inland Income Providers (FIRS) to settle a three-year tax dispute. In June 2021, the tax authorities accused MultiChoice of a ₦1.8 trillion  ($4.4 billion) tax fraud and ordered the freezing of the corporate’s financial institution accounts. 

“By way of the settlement, [MultiChoice Nigeria] and [MultiChoice Africa] shall pay a complete tax quantity of ₦35.4bn (~US$37.3m), to be offset in opposition to the safety deposits and good religion funds made to this point,” MultiChoice mentioned in a press release to shareholders this morning. MultiChoice has paid a complete of $56 million to settle the declare.

Regardless of the funds, the broadcasting large has all the time insisted it did nothing fallacious. In August 2021, it filed an attraction contesting the ₦1.8 trillion tax invoice with the Tax Enchantment Tribunal. The tribunal dominated that the broadcaster pay half the quantity and MultiChoice paid a $19 million deposit.

By March 2022, MultiChoice and FIRS had “agreed to an amicable decision of the pending tax issues.” Consequently, MultiChoice withdrew all present lawsuits whereas the FIRS carried out a forensic audit to succeed in an correct willpower of the corporate’s tax legal responsibility.

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