| Confidential Information: the issuance of a further decision by the Director of the Tax Chamber in Warsaw on establishing Netia’s CIT obligations for the fiscal year 2003 (92/2014) | |
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Confidential Information: the issuance of a further decision by the Director of the Tax Chamber in Warsaw on establishing Netia's CIT obligations for the fiscal year 2003 (92/2014)
The Management Board of Netia S.A. (the "Company" or "Netia") hereby announces that on 29 December 2014 it became aware that a further decision (the "Decision") was issued by the Director of the Tax Chamber in Warsaw (the "Tax Chamber Director") establishing Netia's corporate income tax ("CIT") obligation for the year 2003 at PLN 0.
The Decision was issued after a reconsideration of the case by the Tax Chamber Director following the issuance of the judgment of the Voivodship Administrative Court in Warsaw on 10 October 2013 (see current report 41/2013), which was later upheld by the Supreme Administrative Court in its judgment of 25 June 2014 (see current report 46/2014) that reversed the decision of the Tax Chamber Director dated 16 February 2010 previously issued in the case, which established Netia's due CIT for 2003 at PLN 34.2 million plus penalty interest of approximately PLN 25.3 million (the "Reversed Decision").
The Decision incorporates the argumentation put forward by the Company in the course of the proceedings conducted in this case before administrative courts of the first and second instance. Since the Company paid the tax (with interest) established by the Tax Chamber Director in the Reversed Decision in February 2013, the Company now expects to recover the amount paid by the Company along with applicable interest.
The Company may challenge the Decision by filing an appeal with the Voivodship Administrative Court.
Legal basis: Article 56, section 1.1 of the Act on Public Offering, the Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies (Journal of Laws 2005, No. 184, item 1539).
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Network Exploration Ltd.
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EXPLORATION STAGE |
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CODE : NET.V |
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Network Exploration is a exploration company based in Canada. Its main exploration properties are PISTALA in Peru and CALDERA PROJECT in Chile. Network Exploration is listed in Canada. Its market capitalisation is CA$ 1.7 millions as of today (US$ 1.3 millions, € 1.2 millions). Its stock quote reached its highest recent level on March 19, 2010 at CA$ 3.60, and its lowest recent point on January 01, 2016 at CA$ 0.01. Network Exploration has 9 860 000 shares outstanding. |