(Feb 12 2010) Friday 12th February could go down as a historic day in Norwegian shipping history.
For this is the day that the Norwegian Supreme Court came down in favour of Norwegian domiciled shipping companies throwing out a retroactive government tax imposed in 2007 for the years 1996-2006.
The Court said that this move was in breach of the Norwegian Constitution.
Leading parcel tanker operator Odfjell commented that the effect of this decision will be to increase its equity by about $110 mill, including a refund of about $27 mill on already paid taxes and interest.
The company’s 2010 interest cost on the tax debt will also be reduced by about $5 mill.
“In an industry hard pressed by recessionary times this was most welcome news”, Odfjell said in a statement.
Source: Tanker Operator
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