Connect with us

Broadcasting

MultiChoice Agrees to Pay N35.4Bn as Part of  FIRS Tax Claim

Published

on

Kindly share this post

MultiChoice Group has agreed to pay N35.4 billion as part of its tax obligations to the Federal Inland Revenue Service (FIRS).

MultiChoice Agrees to Pay N35.4Bn as Part of  FIRS Tax Claim

This is about 10per cent of the initial claim filed by the Nigerian tax authorities, after a long period of negotiation.

Multichoice is the owner of DStv, Gotv, both popular subscription-based platforms in Nigeria.

According to a statement by the group, the total tax amount (35.4 billion naira) will be offset against the security deposits and good faith payments made to date.

This follows the country’s Federal Inland Revenue Service decision to freeze MultiChoice Nigeria’s accounts in 2022 after serving the Group with a 1.8 trillion naira ($1.27 billion) tax claim for its Nigeria operation and a $342 million claim for value-added taxes.

The tax agency claimed that it relied on the power it derived from Section 49 of the Companies Income Tax Act of 2004 as amended and Section 31 of the FIRS (Establishment) Act No. 13 of 2007.

Similar: MultiChoice suffers $50.2 million after-tax loss between April 1-Sept 30

The FIRS also explained that the decision to appoint the banks as agents and to freeze the accounts was a result of the groups’ continued refusal to grant FIRS access to their servers for audit

Technext24.com reported that the Muhammad Nami, then executive chairman of the FIRS, was quoted as saying, “The companies would not promptly respond to correspondences, they lacked data integrity and are not transparent as they continually deny FIRS access to their records.

At that time, the FIRS noted that the level of non-compliance by Multi-Choice Africa (MCA), the parent Company, the Multichoice Group was alarming.

It added that the parent company, which provided services to Multichoice Nigeria had never paid Value Added Tax (VAT) since its inception.

MultiChoice went to court to challenge the penalty imposed by the tax authority. However, the South African company subsequently withdrew all pending lawsuits and the Federal Inland Revenue Service agreed to conduct a forensic audit of MultiChoice’s accounts to determine the company’s tax liability.

The Multichoice group agreed to pay a total of $37.5 million, about 10% of the initial claim filed by the Nigerian tax authorities, after a long period of negotiation.

Multichoice to allow users share DStv streaming accounts

Technext24.com recall that in 2021, the FIRS issued notices of Assessment and Demand Notices in the sum of N1.8 trillion on MultiChoice. Subsequently, a Tax Appeal Tribunal (TAT) sitting in Lagos has ordered Multichoice to pay 50% of the N1.8 trillion which it had determined to be the amount the company hasn’t made in tax payments.

Similar: Multichoice confirms Nigerians will pay more for DStv, GOtv subscription from May 1st

Nigeria contributes about 34 per cent of total revenue for the Multi-Choice group. Next to Nigeria is Kenya with 11 per cent and Zambia in third place with about 10 per cent.

According to the group’s reports, the rest African countries where they have a presence account for 45 per cent of the group’s total revenue.

Additional report by technext24.com


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Broadcasting

5 Tips Small Business Owners Need to Grow their Business Online

Published

on

Kindly share this post

Small businesses are embracing digitalization and catering to their customer needs through a variety of online channels. With new technologies emerging such as artificial intelligence, there is no time like the present to help your small business grow by taking advantage of the online world.

GoDaddy in this article shares five tips to help your small business grow with an online presence.

It starts with a domain name

When getting started, check availability of domain names for the desired name. A domain name can be considered a business’ piece of real estate and identity on the internet. It is a way for customers to easily find a business online.

Choosing and registering a domain name for your business that’s memorable is increasingly important in an expanding digital marketplace, as it helps to shape your online business identity. If the .com extension is not available, there are many new extensions available, such as: .shop; .co.; .photography; .tech, to name a few, for you to consider which can help define your business. After choosing a domain name register it with a reliable hosting provider right away.

Build a website

Websites help create visibility for small businesses and act as a home base for your business on the internet, even if you have a brick-and-mortar store. A website can help consumers easily find your business, learn about your product offerings and services, and contact you for more information.

A well-designed professional looking website can offer an engaging customer experience with the use of text along with photo images and video. Having a website gives you control over the messaging about your business and can serve as a hub by linking with your social media channels.

Listen to your customers

The growth of your business is directly related to customer satisfaction. Listen to your customers and pay attention to the needs of your target market. Identify their problems and pain points. How can your offerings act as a solution? Is it possible to develop new products to help solve these problems? Engage for customer feedback and keep an eye on customer behaviour changes and audience interests.

Develop a business support system

By developing a strong business support system, entrepreneurs can benefit from new ideas on ways to address a particular issue or ideas for growth. In addition to close family and friends, consider mentors and business coaches who can provide relevant insights into your business.

Review your business plan

Many entrepreneurs make a business plan at the beginning of their business journey, but do not take the time to revisit it from time-to-time. So, analysing aspects of that business plan like target audience and competitors, examining cash flows and what can make the business profitable, while also checking timelines to reach business goals is all equally essential to help ensure continued growth of your business.


Kindly share this post
Continue Reading

Broadcasting

TECNO Pledges to Transform 100 Football Fields in 5-Year Initiative

Published

on

Kindly share this post

In a bold and visionary move, TECNO Mobile has announced a groundbreaking initiative to renovate 100 football fields across AFRICA over the next five years.

This ambitious project, aimed at enhancing community infrastructure and promoting the beautiful game, reflects TECNO’s deep commitment to the spirit of football.

Notably, TECNO’s dedication to the sport is evident with its recent sponsorship at the just-concluded AFCON 2023, where the brand left an indelible mark on the global football stage.

TECNO Mobile’s association with football reached new heights as the brand proudly sponsored the recently concluded AFCON 2023. As a prominent sponsor, TECNO not only showcased its commitment to sportsmanship but also provided a platform for fans to experience the thrill of the game.

The AFCON sponsorship was more than just a marketing endeavor for TECNO – it was a testament to the brand’s belief in the power of football to unite communities and ignite passion.

Building on the energy and enthusiasm generated by the AFCON sponsorship, TECNO has embarked on a transformative journey to renovate and uplift football fields across diverse communities.

The pledge to renovate 100 fields across Africa over the next five years is a tangible expression of TECNO’s dedication to fostering a love for the sport at the grassroots level.

TECNO’s initiative goes beyond mere field renovation; it is a holistic approach to community development. By creating modern, well-maintained football fields, TECNO aims to provide spaces that encourage physical activity, nurture talent, and foster a sense of community pride.

These fields are hubs for social interaction, where families and friends can come together to celebrate the joy of sportsmanship.

As a brand synonymous with cutting-edge technology, TECNO brings its innovative spirit to the football arena. The renovated fields will integrate innovative solutions and modern amenities, aligning with TECNO’s vision of infusing technology into every aspect of life, including sports.

TECNO’s sponsorship at AFCON 2023 and the pledge to renovate 100 football fields underscore the brand’s unwavering belief in the transformative power of football.

As the fields undergo a metamorphosis over the next five years, TECNO invites everyone to participate in this remarkable journey.

This journey goes beyond the boundaries of sport to leave an enduring impact on communities, fostering a legacy of unity, pride, and passion. In TECNO, football isn’t just a game; it’s a bridge that connects hearts and builds a legacy for generations to come.

 

 


Kindly share this post
Continue Reading

Broadcasting

IFC Partners with Triggerfish to Boost Africa’s Animation Sector

Published

on

Kindly share this post

In order to support the growth of Africa’s creative sector and to bring local African stories to the world, IFC has signed a collaboration agreement with Triggerfish, a globally recognized animation studio founded in South Africa.

Triggerfish creates premium animated content for prominent global studios such as BBC, eOne, Lucasfilm, Magic Light Pictures, Netflix, and The Walt Disney Company.

The collaboration agreement will bring IFC’s market expertise to help Triggerfish with its growth strategy so that it can expand its operations, creating new jobs and opportunities in Africa to upskill local talent, particularly for women and youth.

“We are thrilled to be working with Triggerfish to set the stage for a new chapter of growth,” said Makhtar Diop, IFC Managing Director. “This partnership underscores IFC’s commitment to unlock the potential of creative industries and support economic development and job creation in Africa, particularly for women and youth.”

Triggerfish CEO Stuart Forrest said: “At a time when the demand for local African content is booming, this partnership with IFC is a significant step that will propel the growth of the local animation sector and position the industry to reach its true potential.”

The global animation and VFX market was valued at US$ 167.9 billion in 2021 and is expected to reach US$ 401.0 billion by 2030, according to a study by Report Ocean.  The sector in Africa faces problems realizing its potential because of challenges accessing funding, a lack of cutting-edge technology, and limited distribution networks.

The partnership with Triggerfish is another important milestone in IFC’s commitment to support the creative industries sector in emerging markets.

IFC recently signed an agreement with Sony Group Corporation to identify investment opportunities in companies in the creative industries in Africa to support new economic opportunities and create jobs. In June, IFC committed up to $75 million to DNEG, a world-leading visual effects and animation company in India to expand its cutting-edge VFX and animation services.

 


Kindly share this post
Continue Reading

Trending