In a significant revelation, Saidu Abdullahi, a member of the Nigerian House of Representatives, has disclosed ongoing arrangements to sell Multichoice Group and its subsidiaries in Nigeria to a foreign buyer.
However, the presence of unresolved tax debts poses a substantial threat, prompting urgent actions to recover the outstanding taxes and prevent potential revenue loss for Nigeria.
Cautionary Note to Potential Buyers: House Flags Alleged Tax Indebtedness
Amidst growing concerns about the potential sale to Canal Plus, the House of Representatives issues a cautionary note to potential buyers.
Allegations of concealed tax debts prompt a call for vigilance, emphasizing the need for transparency in the sale process.
Multichoice Nigeria’s spokesperson, Caroline Oghuma, refrains from immediate comment, leaving the situation shrouded in uncertainty.
House Directs Investigation into Tax Non-Remittance: Committee on Finance to Scrutinize Multichoice
Responding to severe allegations of tax non-remittance, the House of Representatives directs its Committee on Finance to initiate an investigation.
The resolution, titled ‘Need to investigate the alleged unremitted N1.8tn and $342m tax revenues owed the Federation by Multichoice Group,’ reflects the House’s constitutional authority to probe the South African entertainment giant.
FIRS Audit Reveals Substantial Tax Debts: Past Attempts and Current Urgency
In 2021, the Federal Inland Revenue Service (FIRS) engaged in an audit of Multichoice Group’s tax obligations, uncovering substantial debts totaling over N1.8tn and $342m for the period from 2011 to 2020.
Past attempts to recover these unpaid taxes, including legal proceedings and out-of-court resolutions, have proved unsuccessful.
The House emphasizes the urgency of recovering these tax revenues to avert a potential loss for Nigeria.
Potential Fallout for Subscribers: Financial Stability Concerns and Service Impact
As the House launches an investigation into Multichoice’s alleged tax non-remittance, subscribers and the wider public face potential repercussions.
Multichoice’s financial stability, crucial for providing television services to millions, may be compromised.
Changes in subscription fees, alterations to viewing options, and potential disruptions in services loom as possible consequences.
Uncertainty’s Ripple Effect: Investor Confidence and Economic Implications
The uncertainty surrounding Multichoice’s future, coupled with alleged outstanding tax debts, could influence investors and business partners.
Content deals, market competitiveness, and overall business operations may be impacted.
Additionally, the wider public may experience economic implications, as potential revenue loss could affect government initiatives and public services reliant on tax income.
Share on Facebook «||»
Share on Twitter «||»
Share on Reddit «||»
Share on LinkedIn
MultiChoice Settles Tax Dispute with Nigeria – $37 Million Payment Resolves Three-Year Disagreement: MultiChoice, the Pan-African broadcaster, has reached a resolution with Nigeria’s tax authorities, agreeing to pay $37 million to settle a longstanding tax dispute. This payment...
‘We may have to sell our five-bed 15th Century French house after Macron’s second homeowner tax raid of up to 60% – it’s a real financial worry’: After Macron’s second homeowner tax raid of up to 60%, my wife and I are seriously considering selling our five-bedroom 15th-century French house due to...
MultiChoice Nigeria Reveals Total Cost of Hosting Reality Show BBNaija: MultiChoice Nigeria Reveals N5.5 Billion Investment for BBNaija All-Stars Season MultiChoice Nigeria, the organizers of the BBNaija Reality Show, have disclosed that the recently concluded...
House of Representatives Members Protest Seat Allocation, Express Concerns over Offices, Threatening Legislative Activities: …By Joseph Benjamin for TDPel Media. Around a hundred members of the House of Representatives in Abuja voiced their discontent on Tuesday, alleging a discriminatory...
Akin Rotimi, Spokesman of the House of Representatives, Presents Motion on Killing of Two Traditional Rulers in Ekiti State; House Observes Minute of Silence in Honour of the Deceased: Emotional Outburst Over Tragic Killings The Spokesman of the House of Representatives, Akin Rotimi, found himself overwhelmed with emotion as he presented a motion addressing...
MultiChoice Talent Factory Academy Program 2024 for aspiring film and TV content creators application now open: MTFza is a groundbreaking 12-month industry readiness program designed to cultivate emerging talent in the African TV and film industry. This immersive initiative provides participants...
MultiChoice Rejects Canal+’s $5.5 Per Share Offer, Citing Significant Undervaluation of the South African Pay-TV Giant: MultiChoice Turns Down Canal+’s Buyout Offer Over Valuation Dispute South African pay-TV giant, MultiChoice, has officially declined a buyout offer from French media company Canal+....
Canal+ Raises Bid to $2.9 Billion in Pursuit of MultiChoice, Complying with TRP’s Mandate: Canal+, the French pay-TV giant under Vivendi SE ownership, responds to regulatory pressure by raising its bid to acquire MultiChoice to $2.9 billion. The move...
Contenders for Nigeria’s House of Representatives Speakership Engage in Alliance Talks Amidst Endorsement Controversy: …By Joseph Benjamin for TDPel Media. Reports suggest that four leading contenders for the position of Speaker of the House of Representatives in Nigeria’s 10th...
House of Representatives Spokesperson Reveals Reasons for Swift Approval of Two Trillion Supplementary Budget: Reasons for Swift Supplementary Budget Approval Akin Rotimi, the spokesperson for the House of Representatives, recently provided insights into why the National Assembly quickly gave...
