Songa Offshore SE : Norwegian Exit Tax
(Thomson Reuters ONE) -
Reference is made to the Exit Tax Dispute with Norwegian Tax Authorities.
On 5 November 2014 the Norwegian tax office increased the taxable income of
Songa Offshore SE ("the Company") for 2009 by NOK 1.8 billion. The tax office
set off the increased income against the, at the time accumulated, tax carry
forward losses and no cash payments were incurred. On 5 May 2015 the Company
submitted a writ to Oslo District Court to keep the loss carry forward
unchanged. For financial books the Company kept the relevant carry tax loss as a
tax asset.
On 6 and 7 December 2016 the case was heard before the Oslo District Court.
On 16 January 2017 the Company received the judgement from the Oslo District
Court in favor of the State. The court held that the exit tax decision is valid.
The court believed that a situation where a company moves the company and rigs
out of Norway, and a situation where a company moves out rigs, are two different
situations, and not in breach of the European Economic Area (EEA)-agreement.
Furthermore, the Court held that the exit tax was not disproportionate.
As a consequence the NOK 1.8 billion increase of the Company's taxable profit
for the year 2009 remains unchanged. For the income years 2009-2015 the judgment
does not result in any payable tax. For 2016 the Company will partly be in tax
paying position and based on preliminary results for the Norwegian entities for
2016, the 2016 payable tax is estimated to be approximately USD 10 million.
The Company will consider to reflect the effect of the judgment in the 2016
financial books and write off the relevant tax asset, currently estimated at USD
43 million.
The Company has decided to appeal the case.
16 January 2017
Limassol, Cyprus
Questions should be directed to:
Jan Rune Steinsland, CFO (+47 97052533)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Songa Offshore SE via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 16.01.2017 - 17:00 Uhr
Sprache: Deutsch
News-ID 517804
Anzahl Zeichen: 2585
contact information:
Town:
Oslo
Kategorie:
Business News
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