• About
  • Advertise
  • Privacy Policy
  • Contact
Monday, October 27, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Government Withdraws $672 Million Back-Tax Demand From MTN Group

M.Cby M.C
February 4, 2023
Reading Time: 3 mins read
M.Cby M.C
in General News
0
MTN Ghana has reached a conclusive decision to extend the intended date on which Mobile Money users will be required to present a valid national ID for mobile money transactions.

File photo.

MTN Group Limited, Africa’s largest wireless carrier, has revealed that a GH¢8.2 billion tax bill it received from the Ghana Revenue Authority (GRA) has been scrapped.

According to the Group, Ghana’s decision came after “extensive and productive discussions” during a 21-day negotiation period between the revenue authority and the mobile-phone operator.

The decision to withdraw the tax bill came after the Ghana Revenue Authority last month sent Ghana’s biggest corporate taxpayer a surprise claim for the period between 2014 and 2018.

RelatedPosts

Ghana Must Adopt a Second National Language to Spur Modernization – Ohene Aku Kwapong

AirtelTigo’s Long, Troubled Search for a Strategic Partner – IMANI Africa

CDD-Ghana Fellow Pushes for Robust Legal Regime to Tackle Unexplained Wealth

Bloomberg Intelligence analyst, John Davies, stated that the potential fine represented about 5% of MTN’s market capitalization and the government’s decision “removes a threat to this year’s shareholder returns”.

The government has been demanding some of the nation’s largest companies to pay millions of dollars of back taxes.

Gold Fields Limited, Kosmos Energy Limited and Tullow Oil Plc have received similar bills. All of the companies dispute the government’s claims.

ADVERTISEMENT

Ghana lost access to international capital markets because of its ballooning debt and loan-service costs. The government has been forced to allocate most of its revenue to service an estimated GH¢576 billion of public debt.

Due to this, it is restructuring most of its obligations amid a slump in the Cedi and is seeking a $3 billion loan from the IMF.

It will be recalled that Scancom PLC, owners of MTN Ghana, in January this year, pushed back on an alleged tax infringement placed on the company by the Ghana Revenue Authority (GRA) between 2014 and 2018.

The telecommunications company revealed it is a tax compliant corporate citizen and the tax liability notice of GH¢8,209,603,842.14 issued against it by the GRA is unacceptable. The assessment of GH¢8,209,603,842.14 includes penalties and interest charges.

In this regard, from the base component of the Assessment (that is, excluding penalties and interest), on MTN Ghana’s analysis, the GRA inferred that MTN Ghana under declared its revenue by more than approximately 30 percent over the 5-year period – 2014 to 2018.

The Ghana Revenue Authority (GRA) issued MTN Ghana with a notice of assessment of tax liability (the Assessment) dated January 10, 2023. MTN however explained it received the notice on January 11, 2023.

On January 13, 2023, GRA issued a temporary withdrawal of the Notice of Assessment for 21 days to allow for further engagements.

In a press statement issued, MTN Ghana welcomed the further engagement decision by the GRA to further assess the matter.

GRA notice of assessment of tax liability

The GRA audited MTN Ghana for the period 2014-2018, using a third-party consultant as well as a new methodology based on call data records (CDR), recharges, and other data.

The audit which commenced in 2019 had the objective to give assurance on the reliability and completeness of revenues declared by MTN Ghana for the purpose of tax computation for the period 2014 to 2018.

MTN Ghana noted that it “strongly disputes the accuracy and basis of the Assessment, including the methodology used in conducting the audit”.

In May 2021, after consultations and discussions between MTN Ghana, MTN Group, the Ministry of Finance and the GRA, the parties agreed to an independent review by a global professional services firm which, MTN says it fully co-operated with in September 2021 under the auspices of the GRA.

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

According to MTN, it is a responsible corporate entity with absolute commitment to transparency, good corporate governance, and compliance.

MTN Ghana and MTN Group prior to this stated that they will provide further information at an investor conference call.

READ ALSO: AGI Urges PURC To Maintain Tariffs For Beverage Sector Companies

Tags: BloombergGhana NewsGRAMTN GhanaTax liability
Please login to join discussion
Previous Post

Be Careful Of The People You Discuss Your Marital Affairs With – Counsellor

Next Post

I’m Not An Asakaa Boy – Kofi Jamar

Subscription Form

Related Posts

Dr Ohene Aku Kwapong, CDD-Ghana Fellow and MIT/Columbia Graduate.
General News

Ghana Must Adopt a Second National Language to Spur Modernization – Ohene Aku Kwapong

October 27, 2025
AirtelTigo
General News

AirtelTigo’s Long, Troubled Search for a Strategic Partner – IMANI Africa

October 27, 2025
Professor Stephen Kwaku Asare
General News

CDD-Ghana Fellow Pushes for Robust Legal Regime to Tackle Unexplained Wealth

October 27, 2025
Kofi Asare, Executive Director for Africa Education Watch (Eduwatch)
General News

Eduwatch Sides with the Law in SHS Haircut Debate

October 27, 2025
H.E. Naana Jane Opoku Agyemang, Vice President of the Republic
General News

Africa Can Feed Herself: Vice President Speaks at the Borlaug Dialogue

October 26, 2025
Hon. Kojo Oppong Nkrumah
General News

Minority Accuses Mahama’s Government of Silencing Free Speech With Cybersecurity Bill

October 26, 2025
Dr Ohene Aku Kwapong, CDD-Ghana Fellow and MIT/Columbia Graduate.
General News

Ghana Must Adopt a Second National Language to Spur Modernization – Ohene Aku Kwapong

by evansjrOctober 27, 2025
Oil Prices
Extractives/Energy

Oil Prices Fall as U.S.–China Trade Talks Ease Market Fears

by Prince AgyapongOctober 27, 2025
Asia

Malaysia’s Anwar Makes Case For Dialogue And Cooperation At East Asia Summit

by Comfort AmpomaaOctober 27, 2025
Dangote Petroleum Refinery
Extractives/Energy

Dangote to Expand Lagos Refinery, Eyes $5bn Afreximbank Financing

by Prince AgyapongOctober 27, 2025
Ghana’s HDI Rising; Economic Stability and AI to Boost Further.
Economy

Ghana’s HDI Rising; Economic Stability and AI to Boost Further

by Michael Teye-Bio NaduteyOctober 27, 2025
Australian Prime Minister Anthony Albanese.
Asia

Albanese Holds “Positive” Meeting With China’s Premier

by Comfort AmpomaaOctober 27, 2025
Dr Ohene Aku Kwapong, CDD-Ghana Fellow and MIT/Columbia Graduate.
Oil Prices
Dangote Petroleum Refinery
Ghana’s HDI Rising; Economic Stability and AI to Boost Further.
Australian Prime Minister Anthony Albanese.

Recent News

Dr Ohene Aku Kwapong, CDD-Ghana Fellow and MIT/Columbia Graduate.

Ghana Must Adopt a Second National Language to Spur Modernization – Ohene Aku Kwapong

October 27, 2025
Oil Prices

Oil Prices Fall as U.S.–China Trade Talks Ease Market Fears

October 27, 2025
IMG 20251027 WA0118 scaled 1

Malaysia’s Anwar Makes Case For Dialogue And Cooperation At East Asia Summit

October 27, 2025
Dangote Petroleum Refinery

Dangote to Expand Lagos Refinery, Eyes $5bn Afreximbank Financing

October 27, 2025
Ghana’s HDI Rising; Economic Stability and AI to Boost Further.

Ghana’s HDI Rising; Economic Stability and AI to Boost Further

October 27, 2025
Australian Prime Minister Anthony Albanese.

Albanese Holds “Positive” Meeting With China’s Premier

October 27, 2025
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.

Discover the Details behind the story

Get an in-depth analysis of the news from our top editors

Enter your email address