Friday , June 14 2024

MultiChoice to Pay $37.3m to Nigeria For Tax Settlement

Pan-African Television broadcaster MultiChoice Group has disclosed that its subsidiaries have reached a settlement with Nigerian tax authorities and have agreed to pay a total tax of about $37.3 million.

According to a report by Reuters, the broadcaster said, “The total tax amount of $35.4 billion which MultiChoice Nigeria and MultiChoice Africa Holdings will pay will be offset against the security deposits and good faith payments made to date.”

In 2022, Nigeria’s tax governing body, the Federal Inland Revenue Service (FIRS) froze MultiChoice Nigeria’s accounts and served MultiChoice Group with a N1.8 trillion ($1.27 billion) tax claim for its Nigerian operation and a $342 million claim for value-added taxes.

The broadcaster owns DStv, GOtv, Showmax, M-Net, SuperSport, Irdeto, and KingMakers and offers services to over 23.5 million households in 50 markets across sub-Saharan Africa.

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