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(Sharecast News) - Greenland- and Finland-focussed exploration and development company Bluejay Mining updated the market on the VAT Tribunal and Upper Tribunal appeal made by HMRC on Monday, which was first announced on 15 July.
The AIM-traded firm said it had now received the disputed VAT refunds due to it under the tribunal hearing process for the period from 2012 2021 in full, with HMRC also withdrawing the last outstanding objections to the remaining VAT claims.
"Importantly, this formal withdrawal by HMRC from the Upper Tribunal appeal means the case is now closed, thereby allowing the company to continue to reclaim VAT on its activities in connection with its projects in Finland and Greenland," the board said in its statement.
Bluejay had now received all of the more-than-£1m owed, and expected its subsidiaries to successfully submit future VAT reclamations.
"This is an important outcome for Bluejay in that the consequence of not being able to reclaim VAT refunds would mean the company would be subject to 20% increased costs across the board on its activities moving forward.
"This case also reinforced an important precedent with respect to the tax treatment of overseas subsidiaries for the mining and exploration sector."
At 1326 GMT, shares in Bluejay Mining were up 3.18% at 8.98p.
14 Sep 2022 17:59
IN BRIEF: Bluejay Mining completes geophysical survey at Kangerluarsuk
Bluejay Mining PLC - mineral exploration and development company focused in Greenland and Finland - Completes aerial geophysical survey covering 600-line kilometres of gravity gradiometry, magnetic and terrain data, at the Kangerluarsuk zinc-lead-silver project in Greenland.
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