MTN Group was slapped with a US$773 million back tax bill by the Ghana government which accused the operator of under-declaring revenue, a claim it denied.
MTN said in a stock market statement, the Ghana Revenue Authority (GRA) issued a notice of assessment o tax liability which was received on January 11, giving MTN 21 days for further authority engagements.
The full GHS8.2 billion tax bill includes penalties and interest charges. MTN was sent the bill after the authority audited the operator’s finances between the years 2014 to 2018, inferring MTN under-declared revenue by about 30% in that period.
MTN said it disputes the “accuracy and basis” of the assessment and will appeal against it.
The company said: "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".
It added: "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."