LONDON (Alliance News) - Terra Capital PLC on Friday said the Macau Tax Authority has exercised its right to appeal against the Macau administrative court's ruling in favour of Terra Capital's tax appeal in July.
Back in July, Terra Capital won an appeal against a claim by the tax authority regarding the level of tax to be paid in connection with Terra Capital's sale of the AIA Tower. The court's ruling in favour of Terra Capital meant tax on the sale would be reduced by about USD1.9 million.
However, on Friday, Terra Capital said the tax authority has appealed against the court's ruling. A decision on the tax authority's appeal will take between six and nine months.
Terra Capital said its reported net asset value will not be affected in any way until a final decision is made. In July, it said that its NAV would increase by around 2.8 US cents if the court's decision in favour of it became final. NAV per share was 92.5 US cents at the end of December, meaning Terra Capital would see a 3.0% uplift.
Shares in Terra Capital were untraded on Friday, last quoted at USD0.800.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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