MultiChoice, a leading media and entertainment company, has resolved its tax dispute with the Federal Inland Revenue Service (FIRS) in Nigeria. The settlement pertains to tax assessments made in April 2021 on MultiChoice Nigeria (MCN) and in June 2021 on MultiChoice Africa Holdings BV (MAH).
Following negotiations between the Federal Inland Revenue Service, MultiChoice Nigeria, and MultiChoice Africa Holdings BV, the parties reached a mutually agreed settlement termed as a ‘without prejudice or precedent’ agreement. This agreement marks the resolution of all disputed matters.
As per the terms of the settlement, MultiChoice Nigeria and MultiChoice Africa Holdings BV will pay a total tax amount of NGN35.4 billion (approximately US$37.3 million). This payment will be offset against the security deposits and good faith payments already made by the companies.