ACWA Power to pay OMR4.7 million to SGT: Supreme Court of Oman

Muscat: According to the ruling of the Supreme Court of Oman, ACWA Power will have to pay over OMR4 million to the Secretariat General for Taxation (SGT), announced Muscat Securities Market.
ACWA Power lost its case to the Secretariat General for Taxation and announced that the Supreme Court's decision against the company "has a negative impact of OMR 4.7 million, which will affect the company's financial results for the year ended 31 December 2017,” MSM said.
Last month, the company announced that it received the judgement, but it was awaiting the written decision regarding the case with the Secretariat General for Taxation.
"The company [ACWA Power] is aware that the Supreme Court has taken its decision in the tax cases for the period 2006-2009," read a statement by ACWA Power.
The judgement of the Supreme Court's written decision also said, "The decision of the Court of Appeal was overturned and ruled against the Company in connection with the transfer of tax losses incurred during the exemption period, as detailed in the audited financial statements of the Company for 2015 and 2016 ."