3rd May 2016 09:08
LONDON (Alliance News) - Zambeef Products PLC on Tuesday said it has reached a settlement on the Zamanita tax demand in Zambia and will pay around USD1.5 million to close the case.
Zambeef said it had reached the settlement prior to the outcome of the Zambian Revenue Authority's appeal against the Tax Appeals Tribunal decision which ruled in favour of Zambeef's appeal against a USD9.7 million assessment.
Zambeef will pay the USD1.5 million in six monthly instalments, starting immediately.
The dispute related to Zamanita, a company Zambeef sold to Cargill Holdings NV in 2015.
"I am delighted that we have now concluded this long standing issue and that we can now put this matter behind us," said Zambeef Joint Chief Executive Carl Irwin.
Shares in Zambeef were up 9.2% to 8.60 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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