Final Tax Dispute Ruling in Egypt to be Issued on 28 October 2014
16 September 2014
OCI N.V. (NYSE Euronext: OCI) announced today that the final session of the Egyptian Tax Authority’s (ETA) Independent Appeals Committee, the responsible body overseeing the tax dispute between OCI N.V.’s subsidiary Orascom Construction Industries (OCI S.A.E.) and the ETA, was held today. Final submissions were presented to the Appeals Committee, which is expected to issue a final judgement on the case on 28 October 2014.
This committee was originally reviewing OCI S.A.E.’s tax returns, but the process was terminated in 2012 by the previous administration. Following a number of meetings with the Egyptian government, the tax dispute liability case was referred back to the committee, which held its first session in July 2014.
All previous preliminary rulings related to the tax dispute have been appealed and are pending the Appeals Committee’s final ruling on 28 October 2014.