In 2024, MTN Ghana made a substantial impact on the national economy through its tax contributions.
The company paid a total of GH₵ 8.6 billion in various direct and indirect taxes, alongside GH₵ 468.4 million in fees, levies, and other payments to government agencies.
These payments, amounting to GH₵ 9.1 billion, accounted for approximately 50.3% of MTN Ghana’s total revenue for the year. This significant tax contribution reflects MTN Ghana’s commitment to supporting the country’s economic growth.
Despite a challenging economic environment marked by high inflation and currency depreciation, the telecommunications giant maintained its role as a major contributor to the national treasury.
Additionally, the company faced a substantial income tax expense of GH₵ 2.2 billion for the year, highlighting its compliance with local tax regulations.
The current income tax payable for the period was GH₵ 1.99 billion, with a deferred income tax of GH₵ 196.7 million. The company also reconciled its tax at the applicable rate of 25%, considering exemptions and adjustments.
MTN Ghana’s substantial tax contribution underscores its role as a responsible corporate entity committed to the socio-economic development of Ghana.
Moreover, it applies the liability method for deferred income tax, accounting for temporary differences between the tax base and the carrying values of assets and liabilities.
As of December 31, 2024, the group had a total of GH₵ 88.2 million in deferred tax assets and GH₵ 787.5 million in deferred tax liabilities. Deferred tax assets are recognized only when it is probable that future taxable profits will allow for their recovery.
In 2024, the company made a net tax adjustment of GH₵ 52.1 million due to credits received from the Ghana Revenue Authority for previously paid VAT on airtime commissions between November 2021 and September 2023. These credits are set to be utilized in settling future corporate tax liabilities
