2nd Jul 2019 13:40
(Alliance News) - JKX Oil & Gas PLC on Tuesday said the Ukrainian Supreme Court has found, in a final judgement, in favour of the company in a tax dispute.
The Ukrainian taxman originally issued subsidiary Poltava Petroleum Co a tax demand in 2014, from which PPC claimed relief as well as damages.
PPC had eight separate claims against Ukraine, and JKX made a USD30.1 million provision for additional fees covering all eight. In May, the Kharkiv Appellate Administrative Court confirmed an earlier judgement the tax claims in one of the cases were illegal.
The Kharkiv court cancelled the tax claim and associated payments of USD300,000.
This was appealed by tax authorities in the Supreme Court, which has rejected the appeal. JKX said the case is now closed.
JKX shares were 6.3% higher on Tuesday afternoon in London at 42 pence each.
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