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(Alliance News) - Tower Resources PLC has been granted permission to appeal a 2016 value-added tax assessment by Her Majesty's Revenue & Customs, the oil exploration company said Tuesday.
The company was allowed by a First-Tier Tribunal to appeal against with the tax department 2016 decision to deny credit for input VAT. HMRC has 56 days to decide whether it would like to dispute the tribunal's decision.
The case is in regards to the company disputing a HMRC assessment over GBP843,000 in VAT payments. Tower Resources insisted that it complied with the UK's VAT laws.
In its 2018 results, released in June, the company recorded provisions for the tax assessment. Tower Resources said this was because of uncertainty regarding the appeal decision.
Shares in the company rose 8.9% at 0.98 pence each in London on Tuesday morning.