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FINANCIAL NEWS
Zain Iraq to pay USD94mn to settle tax case
22 Dec 2016
(MENAFN) Zain Iraq will pay USD94mn in order to settle a tax case related to the 2007 acquisition to rival operator Iraqna from Egypt’s Orascom Telecom.
Additionally, the government tries to charge the capital gains tax on Zain Iraq as the asset buyer, rather than on the seller.
Meanwhile, the Iraqi authorities will drop its claimes against Zain Iraq, cancel associated owned interest and penalties and permit Zain Iraq to appeal against extra tax assessments.
Accordingly, Zain Group had bank balances worth USD418.3mn blocked due to many legal cases in the country, involving the claim against capital gains.
M
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