Procurement News Notice |
|
| PNN | 1055 |
| Work Detail | Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) announces that the binding third-party audit report has been released with respect to the 2011 tax dispute, determining that Bankers correctly stated its 2011 expenses as cost recoverable according to the Petroleum Agreement and the License Agreement. As previously agreed to by the Albanian National Agency for Natural Resources ("AKBN"), the Minister of Energy and Industry and Bankers, the decision is a final resolution, and, as such, the Albanian tax authority will recalculate Bankers' tax obligations for 2011 and determine the appropriate mechanism to settle or reimburse Bankers for the payments made to date. The Company had paid a total of $37 million as of June 30, 2016 to the Albania tax office as deposits for the 2011 profit tax assessment. The third-party audit was conducted by a joint panel of individuals from PricewaterhouseCoopers and Navigant Consulting Company, pursuant to the Terms of Reference signed and announced on February 24, 2016. All parties have committed to using the results of this third party audit as the basis for determining recoverable petroleum costs in subsequent years. |
| Country | Canada , Northern America |
| Industry | Financial Services |
| Entry Date | 02 Sep 2016 |
| Source | http://finance.yahoo.com/news/bankers-petroleum-announces-results-binding-100000855.html |
