Friday, 24 September 2010
Kazakh tax ruling reversed says Max Petroleum
Max Petroleum has said that the Supreme Court of Kazakhstan has reversed the rulings of the lower courts that had upheld a tax claim brought against the company and remanded the case to the Specialized Economic Court of Almaty for reconsideration.
As a result of the Supreme Court decision, payments towards the tax claim are suspended while the case is pending, including any further appeals, if necessary, through the Court of Cassation, the last court of appeal below the Supreme Court. Max Petroleum has has paid $3.1 million towards the tax claim and will apply to the local tax authorities to offset this amount against the company's other tax liabilities due in the fourth quarter of 2010.
The company continues to believe the tax claim is without merit and will continue to dispute it through the appropriate channels until final resolution, up to the Supreme Court, if necessary. This process is expected to take six months or longer. The Company has not yet received the written ruling from the Supreme Court and will update the market on additional details as appropriate.
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