Sound Energy PLC Update re Moroccan Tax Administration Notification (4807Z)
14 Settembre 2022 - 2:47PM
UK Regulatory
TIDMSOU
RNS Number : 4807Z
Sound Energy PLC
14 September 2022
14 September 2022
Sound Energy plc
("Sound Energy", the "Company" and together with its subsidiary
undertakings the "Group")
Update re Moroccan Tax Administration Notification
Sound Energy, the transition energy company, provides an update
further to its announcements of 1 June 2021 and 7 September 2022
with respect to its wholly owned dormant affiliate Sound Energy
Morocco SARL AU ("SEMS") and the Moroccan Tax Authority's decisions
regarding purported historical taxable events relating to SEMS.
The Local Taxation Committee has upheld the previously notified
assertions of the Moroccan Tax Authority in respect of Moroccan
taxes purported to be due pursuant to a tax audit undertaken on
SEMS by the Moroccan Tax Administration during 2021 and related to
fiscal years 2016 and 2017.
The Local Taxation Committee has, in upholding the Moroccan Tax
Authority's prior decisions, confirmed that certain purported
historical intra Group transactions between SEMS and SEME have
taxable base values as per the original tax administration claim as
previously informed.
The Local Taxation Committee has not presented a full
calculation of the amounts it purports to be due on the taxable
base amounts it has now upheld. However, Sound Energy estimates
taxes on those taxable base amounts, as previously announced on 7
September 2022, would amount to approximately US$ 19.7 million
(reduced from the Company's 1 June 2021 assessed amount of US$ 22.5
million due solely to exchange rate fluctuations).
The Company has 60 days to respond to either accept or challenge
the findings of the Local Tax Committee in the Moroccan courts.
The latest decision by the Local Tax Committee in relation to
SEMS is in addition to the Moroccan Tax Authorities claims against
SEME, the status of which was most recently notified by the Company
on 13 July 2022.
Further announcements will be made, as appropriate, in due
course.
Commenting, Graham Lyon (Executive Chairman) said:
"The Tax Authority continues to frustrate the Company's progress
in Morocco, detracting its efforts away from satisfying the
Moroccan need to provide gas to its power stations. One of the
attractive features of Morocco from an industry perspective is its
investment promoting fiscal code as laid out with the Hydrocarbon
Code. This includes a 10-year exemption from corporation tax for
upstream producers, as well as clearly defined import duty and VAT
exemptions. With Sound Energy deep into its micro-LNG project
development and on the cusp of sanctioning a large pipeline
development these distractions are jeopardizing their successful
undertaking.
For further information please contact:
Vigo Communications - PR Adviser Tel: +44 (0)20 7390 0230
Patrick d'Ancona
Finlay Thomson
Sound Energy chairman@soundenergyplc.com
Graham Lyon, Executive Chairman
Cenkos Securities - Nominated Adviser Tel: +44 (0)20 7397 8900
Ben Jeynes
Peter Lynch
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
Richard Hail
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END
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