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FINANCIAL NEWS
Orascom: Algerian unit pays $113m to authorities
12 Apr 2010
(MENAFN) Orascom Telecom (OT) announced that its Algerian unit made its last payment, which is worth of $113 million, to the Algerian tax watchdog, Reuters reported.
The $113 million payment represents the last of the principal the authorities claim Orascom owes for 2005-2007.
The Egypt-based firm said that payment of $25 million of penalties had been suspended pending a court ruling. It has now paid $597 million in principal in addition to $49 million in penalties.
Orascom expected to recover the full amount if its appeal against the tax bill is successful. The telecom firm has said earlier that the bill was based on an unfounded and unacceptable allegation that it did not keep proper accounts in 2005-2007, a period in which it says its Djezzy unit was tax exempt.
The Algerian tax authority says that Djezzy owes $50 million in taxes from 2004, which Orascom disputes.
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