Polymetal International Plc (POLY.L) Thursday announced that the Kostanay regional court in Kazakhstan had, on November 5th instant, issued a ruling on the tax dispute between JSC Varvarinskoye, a subsidiary of the Group, and the Kazakh tax authorities.
The company stated that an additional corporate profit tax of approximately US$14 million has been charged to JSC Varvarinskoye by the tax authority..
The company added that an additional fine will be charged at the maximum amount 50%.
Polymetal stated that the dispute reflected varying opinions of the Group and the tax authorities on tax deductibility of non-cash foreign exchange losses and of transportation, treatment and refining charges levied by copper concentrate off-takers.
The company stated that it will review the various options for further legal redress in due course.
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