MTN slammed $773m fine over irregularities in tax declaration

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The Ghanaian subsidy of South African mobile operator MTN Group (MTNJ.J) has received a bill for back taxes of around $773 million, including penalties and interest charges, the parent company said on Friday.

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The Ghana Revenue Authority issued MTN Ghana (MTNGH.GH) with the bill after auditing it for the years 2014 to 2018 and inferring that the company under declared its revenue by about 30% during the period, MTN said in a statement.

The carrier, which has a presence in 19 countries in Africa and the Middle East, said it disputes the “accuracy and basis” of the assessment and that it would fight it.

“MTN Ghana believes that the taxes due have been paid during the period under assessment and has resolved to defend MTN Ghana’s position on the Assessment,” the company said