Zambeef Products PLC Settlement of Zamanita tax demand (0236X)
03 May 2016 - 6:44PM
UK Regulatory
TIDMZAM
RNS Number : 0236X
Zambeef Products PLC
03 May 2016
3 May 2016
Zambeef Products plc
("Zambeef" or the "Group")
Settlement of Zamanita tax demand
Further to the announcements of 4 November 2015 and 21 December
2015, the board of directors of Zambeef (the "Board") is pleased to
confirm that subsequent to the Zambian Revenue Authority's ("ZRA")
decision to appeal the judgement by the Tax Appeals Tribunal, which
ruled in favour of Zambeef's appeal against a ZMW49.15 million
assessment (approximately US$9.7 million at the date the assessment
was made), that Zambeef has entered into a formal agreement with
the ZRA (the "Agreement") dated 31 March 2016, as detailed
below.
The Agreement provides that Zambeef will pay the ZRA a total of
ZMW14.4 million (approximately US$1.5m million at yesterday's
exchange rate) in six equal monthly instalments beginning 30 April
2016. Approximately ZMW2m of the ZMW14.4m is recoverable VAT. So
long as Zambeef adheres to this payment schedule, interest and
penalties totalling ZMW3.1 million (approximately US$0.3million)
will be waived.
Zambeef Joint Chief Executive Officer, Carl Irwin, commented, "I
am delighted that we have now concluded this long standing issue
and that we can now put this matter behind us. This Agreement will
also allow us to reverse approximately ZMW33.6m (approximately
US$3.5m using the prevailing exchange rate) provision into our
income statement."
For more information please visit www.zambeefplc.com or
contact:
Zambeef Products plc Tel: +260 (0) 211
Carl Irwin, Joint Chief Executive 369003
Officer
Francis Grogan, Joint Chief
Executive Officer
Strand Hanson Limited Tel: +44 (0) 20
James Spinney 7409 3494
Ritchie Balmer
Frederick Twist
Finncap Tel: +44 (0) 20
Christopher Raggett 7220 0500
Joanna Scott
Powerscourt Tel: +44 (0)20
Nick Dibden 7250 1446
Sophie Moate
Nick Brown
Pangaea Securities Tel: +260 (0) 211
Chenge Mwenechanya 220 707
Wendy Tembo
- Ends -
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May 03, 2016 04:44 ET (08:44 GMT)