MTN’s Shares Plunge in the Face of a Tax Probe by the GRA

In a recent turn of events, the African telecom giant, MTN disclosed that its shares plunged at the news that they are facing an R13 Billion claim from the Ghana Revenue Authority.

The base component of the assessment (that is, excluding penalties and interest), on MTN Ghana’s analysis, infers that MTN Ghana under-declared its revenue by approximately 30% over the audit period.

The GRA audited MTN Ghana for the period 2014-2018 and used a third-party consultant as well as a new methodology based on call data records (CDR), recharges and other data. MTN Ghana strongly disputes the accuracy and basis of the assessment, including the methodology used in conducting the audit.

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.

Statement by MTN Group