MultiChoice settles €23m Nigerian tax bill
FEBRUARY 8, 2024 13.03 EUROPE/LONDON BY JULIAN CLOVER

MultiChoice is to pay R475m (€23m) to the Nigerian tax authorities in settlement of a claim for back taxes by the Nigerian Federal Inland Revenue Service.

The amount relates to tax assessments raised with MultiChoice Nigeria in April 2021 and MultiChoice Africa Holdings in June 2021.

“The parties (FIRS, MultiChoice Nigeria, and MultiChoice Africa) concluded a ‘without prejudice or precedent’ agreement in full and final settlement of all matters in dispute,” MultiChoice said in a statement.

The precarious rate of exchange between the South African Rand and Nigerian Naira has seen the amount required in settlement fall by several million Rand.

MultiChoice first announced that it had agreed a settlement with FIRS in March 2022. It followed the Nigerian tax authorities freezing MultiChoice’s bank accounts in July 2021 after it alleged it had not paid since its launch in the country.