MultiChoice to pay N53bn to Nigerian tax authorities

 

By Abimbola Tooki

MultiChoice Group, Africa's biggest pay TV company, has agreed to pay N53.3 billion ($37.3 million) as tax to the Nigerian authorities.

This agreement was reached after a protracted discussion between the company and Federal Inland Revenue Service (FIRS). Multichoice disclosed this morning that its subsidiaries have reached a settlement with Nigerian tax authorities and agreed to pay a total tax amount of about $37.3 million.

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

Multichoice said the total tax amount of N35.4 billion to be paid by MultiChoice Nigeria and MultiChoice Africa Holdings will be offset against the security deposits and good faith payments made to date.