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LONDON (Alliance News) - Autonomous underwater robotics firm Thalassa Holdings Ltd on Friday said it has won a tax appeal against Norwegian tax authorities.
Thalassa had been appealing tax related to the 2014 tax year, and it said though it is still unsure of how much it will receive back, it expects it to be USD700,000.
Chairman Duncan Soukup said: "The company was well prepared for the appeal process having sought professional advice and structured its affairs to ensure the company's transfer pricing policies followed, where appropriate, relevant Organisation for Economic Co-operation & Development transfer pricing guidelines."
"Whilst the board was confident the company's affairs were, therefore, compliant, there was no guarantee the company would prevail in its appeal. As it happens, the company had failed in its appeal at the regional level and was obliged to take its case to the National Tax Authority. We will of course advise the market as soon as we know the quantum of recovery."
Shares were 2.8% higher on Friday at a price of 91 pence each.