MTN restates Nigeria foreign-exchange losses, appeals almost R1bn tax demand
The MTN Group revised its estimate of unrealised foreign-exchange losses in Nigeria, and said it’ll appeal a new tax demand by the authorities in the West African nation.
Shares in MTN, Africa’s biggest wireless carrier, fell as much as 3% and traded 2.7% lower by 11:00 in Johannesburg. The company will also challenge an order by the Nigerian Tax Tribunal to pay $47.8 million in taxes. The evaluation pertains to a value-added tax assessment for the periods covering 2007 and 2010-17, it said.
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