Business | Telecoms
Orascom loses appeal on $597m tax bill in Algeria
Egypt telecom Orascom loses appeal on $597m tax bill in Algeria
- AP
- Published: 13:15 March 8, 2010
Cairo: Egyptian mobile phone giant Orascom Telecom says Algerian authorities have rejected its initial appeal of a $597 million tax bill levied against its subsidiary in that North African nation.
In a statement issued Sunday evening, Orascom, which operates Mobinil, Egypt's largest mobile phone service provider by subscribers, said it paid the required 20 percent of the tax bill to appeal the rejection, which was filed in December.
Algerian authorities had argued that Orascom's Algeria subsidiary, Djezzy, did not maintain proper accounts between 2005 and 2007.
Orascom has raised almost $800 million in a rights issue to ensure sufficient liquidity.
More from Telecoms
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
