Africa’s Biggest Television Broadcaster MultiChoice Group has agreed to pay Nigeria the total of N35.4 billion tax settlement after its subsidiaries reached a compromise with the Federal Inland Revenue Service (FIRS).
This was disclosed in a Reuters report on Thursday in the wake of a resolution to the long-running tax dispute.
“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,” Reuters said.
Nigeria’s tax authority, FIRS, froze MultiChoice Nigeria’s accounts in 2022 and filed a $342 million value-added tax claim together with a N1.8 trillion ($1.27 billion) tax demand for MultiChoice Group Nigerian operations.
The broadcaster owns DStv, GOtv, Showmax, M-Net, SuperSport, Irdeto, and KingMakers, providing services to over 23.5 million households in 50 markets throughout sub-Saharan Africa.