TELNY Telenor ASA (QX)

By Dominic Chopping

Telenor said Thursday that the Norwegian government has appealed a court ruling concerning the tax treatment of losses that the company incurred through an Indian subsidiary.

The Norwegian telecommunications provider incurred losses on guarantees for financing in Indian subsidiary Unitech Wireless and subsequently deducted the loss in its 2013 tax return.

However, the tax office decided to disallow the deduction in 2019, prompting Telenor to recognize a 2.49 billion Norwegian kroner ($232.3 million) tax expense plus interest of NOK 166 million.

Telenor won an appeal against the decision and reversed the expense in its 2022 accounts before being awarded a further favourable decision from the Court of Appeal.

Telenor said the government has now filed an appeal to the Supreme Court arguing that the loss wasn't yet realized and that the loss wasn't deductible.

The authorities aren't obliged to repay the resulting tax amount together with interest before there is a final enforceable ruling from the courts, it added.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

September 07, 2023 09:01 ET (13:01 GMT)

Telenor ASA (QX) (USOTC:TELNY)
Historical Stock Chart
From Nov 2024 to Dec 2024

Telenor ASA (QX) (USOTC:TELNY)
Historical Stock Chart
From Dec 2023 to Dec 2024