Petroleum Africa
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Tuesday, November 25, 2014
Cygam Energy Inc.’s wholly owned subsidiary, Rigo Oil Company Ltd., which operates in Tunisia, has received tax assessments from the Tunisian tax authorities relating to taxation years 2010 through 2013.
The tax assessments indicate taxes owing by Rigo in the amount of $1.145 million for income taxes, withholding taxes and taxes on industrial, commercial and professional establishments, and penalties. The company has filed its income tax returns in Tunisia under provisions of the Hydrocarbon Code and production sharing agreements which provide for an exemption from income taxes that are the responsibility of ETAP as the permit holder. Based on preliminary advice of its local tax advisors, the company is challenging all of the assessments.
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