Orascom Telecom announced its Algerian unit has been asked to pay AD17bn (US$230m) as part of a preliminary tax reassessment for 2008 and 2009.
The Egyptian company claims that Orascom Telecom Algeria (OTA) had already paid the taxes for these years. It…
Orascom Telecom announced its Algerian unit has been asked to pay AD17bn (US$230m) as part of a preliminary tax reassessment for 2008 and 2009.
The Egyptian company claims that Orascom Telecom Algeria (OTA) had already paid the taxes for these years. It said that the reassessment was based on the unfounded allegation that OTA did not keep proper accounts for these years but the accounts were fully audited and approved by both OTA’s international auditors, KPMG, and its local statutory auditors.
The operator added that it and OTA intended to take all necessary legal steps to challenge the reassessment.
Orascom has been entangled in a dispute with Algeria since last year when the authorities demanded some US$600m fines and back taxes.. This summer, the government stopped Orascom from selling its African assets to South Africa’s MTN, saying that it had right of first refusal over mobile operator Djezzy, the most valuable of Orascom’s assets in the region.
