MTN's Massive Nigeria Tax Dispute Adjourned Until October
The attorney-general has said that MTN must pay the $2bn in September. MTN, on the other hand, has said that the tax demand has no merit and that the attorney-general has exceeded his powers in making this request.
Lawyers for the government are the ones that requested the adjournment. Nigeria is MTN's largest market, with more than 58 million users in 2018 that also account for a third of the mobile operator's core profit.
But the Nigerian business has faced many challenges, ranging from the tax dispute to a hefty fine over unregistered SIM cards. MTN Nigeria was listed in Lagos in May and became the second-largest stock on the NSE by market value.
The listing followed MTN Group's arrangement with Nigeria's regulators to settle most of its long-running lawsuits. In December, MTN agreed to make a $53 million payment to settle a separate legal matter.
MTN Nigeria's shares dropped significantly a day after a Nigerian court adjourned its latest tax dispute until October.
Credit: This article originated from www.iol.co.za