MTN Ghana, a subsidiary of the MTN Group, was penalized by the Ghana Income Authority with a fine of almost $773 million for allegedly underreporting its revenue. The fine includes penalties and interest.
The Ghana Revenue Authority (GRA), according to a statement released by MTN Ghana, issued the bill to the company after performing an audit of the company’s operations from 2014 to 2018 and concluding that the company had underreported its revenue.
According to the Ghana Earnings Authority (GRA), MTN underreported its revenue in Ghana by over 30% between 2014 and 2018.
The business stated, “MTN Ghana has resolved to defend MTN Ghana’s position on the Assessment. “MTN Ghana has resolved to defend MTN Ghana’s position on the Assessment,” the statement reads. “MTN Ghana believes that the taxes owed have been paid during the time under assessment.”
The business, which has operations in 19 countries in Africa and the Middle East, has said it disapproves of the evaluation’s “accuracy and basis” and wants to fight it.
Scancom PLC (MTN Ghana) published a statement titled “Notice of Tax Assessment” on January 13, 2023, informing its stakeholders that the Ghana Revenue Authority (GRA) had issued the company with a notice of assessment of tax debt (the Assessment).