Brazil: Vard Tax Claim Dropped

The Brazilian authorities have canceled the tax claim against Vard Holdings Limited following the company’s appeal, the company said.

The claim dates back to August 2014 and relates to the transfer pricing of goods and services delivered from the company’s Norwegian subsidiaries to Vard Niterói, and the tax treatment thereof.

The tax assessment has been dropped as the Brazilian authorities ruled that the original claim was without substance. This decision cannot be appealed any further and is thus definite, Vard added.

“No provision had been made for the tax claim as an unfavorable assessment was deemed to be highly unlikely. Hence, the decision does not have any material impact on the financial accounts of the company,” Vard went on to say.

In a separate announcement, the shipbuilder informed that Fincantieri has bought 64,700 in the company, bringing its shares to a total of 938,519,210 representing approximately 79.54 percent of the total number of shares.

The move is part of Fincantieri new proposal to privatize Vard Holdings via a voluntary delisting from the Singapore Exchange Securities Trading Limited (SGX-ST).

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >