7th Nov 2013 15:17
LONDON (Alliance News) - Madagascar Oil Ltd Thursday said it will pay USD4.5 million to settle tax claims made by Madagascan authorities.
The AIM-listed oil and gas exploration and development company said the settlement resolves tax claims between 2007 and 2011 arising from audits undertaken by the authorities. The settlement clears all tax demands arising from audits undertaken by the tax authorities to date.
Madagascar Oil previously said that assessments were received from 2010 onwards for additional taxes, mainly related to VAT on foreign services.
After payment of the settlement amount, the company has cash in hand of roughly USD29.7 million.
Madagascar Oil shares were up 18.6% to 12.75 pence, putting them in the top three AIM gainers Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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