Africa Oil Provides Kenya High Court Tax Appeal Update

Dec 2, 202222:34 UTC

Africa Oil Corp AOI:

AFRICA OIL PROVIDES KENYA HIGH COURT TAX APPEAL UPDATE
ON 30 NOV, HIGH COURT OF KENYA ANNOUNCED DECISIONS ON CO'S TAX APPEAL CASE NUMBER 024 AND JUDGMENT WAS MADE AVAILABLE TO CO YESTERDAY
COMPANY'S APPEAL WITH REGARD TO VAT ASSESSMENT WAS PARTLY SUCCESSFUL
HIGH COURT CONCLUDED THAT COMPANY OWES VAT IN AN AMOUNT OF KENYAN SHILLINGS 2,293,334,065 (ABOUT US$ 18.7 MILLION)
HIGH COURT CONCLUDED THAT KRA WAS CORRECT TO DISALLOW CERTAIN COSTS CLAIMED BY COMPANY
HIGH COURT'S DECISION ON KRA'S APPEAL WITH REGARDS TO CIT IS NOT EXPECTED TO HAVE A MATERIAL CASHFLOW IMPACT TO COMPANY