Brief: Africa Oil Provides Kenya High Court Tax Appeal Update

Meren Energy

02/12/2022 22:34

Dec 2 (Reuters) - Africa Oil Corp  AOI.TO :
    * AFRICA OIL PROVIDES KENYA HIGH COURT TAX APPEAL UPDATE
    * ON 30 NOV, HIGH COURT OF KENYA ANNOUNCED DECISIONS ON CO'S
TAX
APPEAL CASE NUMBER 024 AND JUDGMENT WAS MADE AVAILABLE TO CO
YESTERDAY
    * COMPANY'S APPEAL WITH REGARD TO VAT ASSESSMENT WAS PARTLY
SUCCESSFUL
    * HIGH COURT CONCLUDED THAT COMPANY OWES VAT IN AN AMOUNT OF
KENYAN SHILLINGS 2,293,334,065 (ABOUT US$ 18.7 MILLION)
    * HIGH COURT CONCLUDED THAT KRA WAS CORRECT TO DISALLOW
CERTAIN
COSTS CLAIMED BY COMPANY
    * HIGH COURT'S DECISION ON KRA'S APPEAL WITH REGARDS TO CIT
IS NOT
EXPECTED TO HAVE A MATERIAL CASHFLOW IMPACT TO COMPANY

Source text for Eikon:  ID:nCNWB5vBsa 
Further company coverage:  AOI.TO 
 ((Reuters.Briefs@thomsonreuters.com))