From an array of taxes, MTN Ghana reports that it has so far contributed including taxes paid a whopping GHS3.1billion for 2021 alone.
The perks of having multi-national companies operational in a country have once again been brought to bear as MTN Ghana in a recent report reveals that it has paid a total sum of 2.8 billion Ghana Cedis to the Ghanaian Authority as taxes for the 2021 fiscal year.
In a breakdown, the South African firm recently reveals that as a firm operational in Ghana, it contributed a total of 3.1 billion Ghana Cedis to the West African country’s economy in taxes and other activities that gave back to the Ghanaian society.
Specifically, the telecommunication group submitted that contributions through taxes were made either directly or indirectly to the government and comprised of corporate taxes, Value Added Tax, Levies and Duties.
Other includes; Withholding Taxes, Communication Service Tax, National Fiscal Stabilization Levy, Pay As You Earn, PAYE and remittances to the government agencies across the different levels of governance.
Taxmobile.Online gathered from reports of the recently held Fourth Annual General Meeting of the telecommunication company that a major drive for the group is to always ensure the long-term growth of the business and bring hope to communities within which it operates.
Below are excerpts of submissions of MTN’s Ghana Board Chairman, Dr Ishmael Yamson:
“As a responsible corporate institution, we are committed to remaining at the forefront of delivering sustainable development to communities, especially in this era of the pandemic,” he added.
Recall that in recent times, MTN Ghana had won various awards as the highest taxpayer in the country as a way of recognising its increasing contribution to the fiscal development of the country.
MTN’s Recent Performance in Ghana
In the just-concluded AGM, the company declared 11.5 pesewas per share to its shareholders as a dividend. This is an increase of 43.8 percent over what it paid to shareholders in 2020, and more than 70 per cent of its GHS2 billion profit for 2021.
Flashback to last year, MTN Ghana recorded strong growth in service revenue which translated to 28.5 per cent year-on-year, leading to a growth in profit after tax of 43.5 per cent.
MTN Ghana’s Chief Finance Officer, Mrs Antoinette Kwofie submitted thus:
“In 2021, the Group (Scancom PLC and Mobile Money Limited) delivered a total revenue and service revenue growth of 28.0 percent and 28.5 percent year-on-year (YoY) respectively to GHS7.7 billion.”
“This growth was underpinned by growth in data (up 56.3 per cent YoY), voice (up 4.9 per cent YoY), and Mobile Money (up 38.2 per cent YoY).”
MTN’s Contribution Outside Tax
In 2021 alone, a report has it that the telecommunication group contributed the sum of GHS14.3 million towards Corporate Social Responsibility across sectors like education, health, entrepreneurship, and youth empowerment.
MTN also contributed to an increase in Covid-19 vaccinations in the country by donating 356,000 vaccines to the Government of Ghana through the Ministry of Health.
MTN Foundation also extended its support to 465 students through the MTN Bright Scholarship Scheme and disbursed GHS2.3 million to cover tuition, accommodation, and a stipend for books of beneficiaries.
The company noted that 119 beneficiaries had completed their programmes and were now in the workforce, contributing to the growth and development of Ghana in their small ways.
In addition, the Foundation constructed a blood bank unit for the Cape Coast Teaching Hospital in Cape Coast, constructed a 600-bed girls’ dormitory block for Tamale Senior High School in Tamale and a 24-unit classroom block for the Ghana Police School in Accra.
Similar Development in Nigeria
In the same West African region, MTN in Nigeria has also 2021 contributed in tax to all government agencies including the Federal Inland Revenue Service, FIRS a whopping sum of ₦757.6 billion.
Making it the largest single biggest contributor to taxes in Nigeria at 13.5%, MTN Nigeria paid a total of ₦618.7 billion in direct and indirect taxes to the FIRS in the 2021 tax year.
