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Business | Frauds & Scandals

MTN Ghana Share Prices Drops Following US$761m Tax Claims

Jan 18, 2023   •   by   •   Source: Broadcast Media Africa   •   eye-icon 213 views

MTN Ghana recently disclosed that its shares plunged at the news that they are facing a US$761 million tax claim from the Ghana Revenue Authority.

 

BMA understands that the assessment’s base component (excluding penalties and interest) on MTN Ghana’s analysis infers that MTN Ghana under-declared its revenue by approximately 30 per cent over the audit period.

 

The GRA audited MTN Ghana for the period 2014-2018 and used a third-party consultant as well as a new methodology based on call data records (CDR), recharges and other data. However, MTN Ghana strongly disputes the accuracy and basis of the assessment, including the methodology used in conducting the audit.

 

MTN Ghana argues that the GRA had not issued any prior guidelines and standards relating to the new CDR sequence-based methodology used for the audit.

 

If you recall, in May 2021, an initial tax assessment based on this new audit methodology was issued but was officially withdrawn by the GRA after consultations and discussions between MTN Ghana, MTN Group, the Ministry of Finance of the Republic of Ghana and the GRA.

 

MTN Ghana believes that the taxes due have been paid during the period under assessment and has resolved to defend its position in the evaluation.

 

Credit:

The post MTN Ghana Share Prices Drops Following US$761m Tax Claims first appeared in Broadcastmediaafrica.com on January 18, 2023.

 

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