S.African TV Service Company owes $4 billion in unpaid taxes in Nigeria – settles out of court
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[All is not well in the FINANCIAL COLONISATION of Black Africa by South African companies. These companies are all insanely rich. And they are anti-White even though a lot of their senior people are White. Jan]
MultiChoice Nigeria and the Nigerian Federal Inland Revenue Service (FIRS) have agreed to an amicable resolution of the allegations that the company owes 1.8 trillion nairas (R65 billion) in unpaid taxes.
In a statement on the JSE news service, the company said the dispute led to a series of lawsuits.
“In broad terms of the agreement, MultiChoice will withdraw all pending lawsuits, and FIRS resumed a Forensic Systems Audit of MultiChoice accounts on Tuesday, 8 March 2022 to determine the tax liability of the Company,” MultiChoice stated.
“With the agreement and the resumption of the Forensic Systems Audit, it is anticipated that the matters will be resolved expeditiously and shareholders will be kept informed of progress in this regard.”
The Nigerian tax collector froze MultiChoice’s bank accounts in July last year, alleging that the pay-TV operator had not paid VAT since its launch in the country.
MultiChoice said the matter is based on unfounded allegations that its Nigerian unit had not fully disclosed all existing subscribers to authorities.
It said that it had engaged openly with FIRS and believed the matter would be amicably resolved.
PSG Wealth head of equity research Vaughan Henkel previously said the fine imposed on MultiChoice was excessive and unrealistic, but also not unusual for Nigeria.
Henkel said it would be more prudent for MultiChoice to exit Nigeria. The fine was eight times MultiChoice Nigeria’s annual revenue and higher than its assets in the country.
He compared MultiChoice’s fine to the $5.2 billion fine handed to MTN by the Nigerian Communications Commission (NCC) in 2015. MTN and the NCC negotiated the fine down to $1.671 billion.
In 2018 the Central Bank of Nigeria also ordered MTN to bring back $8.1 billion it alleged the company had illegally repatriated.
After protracted negotiations, the matter was resolved after MTN agreed to a “resolution payment” of $53 million.
Henkel expects the same to happen in the MultiChoice tax case.
“We believe that the MultiChoice fine is excessive and will eventually be negotiated down,” Henkel said.
“Given the size of MultiChoice’s Nigerian assets, we think the fine in a worst-case scenario would be in the region of R4 billion to R5 billion.”
He said the market seems to have already priced in a fine of a similar size.
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