February 08, (THEWILL) – Africa’s largest pay-TV conglomerate, MultiChoice Group (MCGJ.J), said on Thursday, that its subsidiary entities have settled a tax dispute with Nigerian tax authorities.
The settlement entails a total tax payment of about $37.3 million (R709 million).
The Nigerian Federal Inland Revenue Service (FIRS) had in 2022 froze MultiChoice Nigeria’s accounts. It further issued a tax claim totalling N1.8 trillion ($1.27 billion) for its operations in Nigeria, along with a separate claim of $342 million for value-added taxes.
However, the group said in a statement on Thursday, that the combined tax liability of N35.4 billion, owed by MultiChoice Nigeria and MultiChoice Africa Holdings, will be deducted from the security deposits and good faith payments.
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