August 22, 2019 / 3:58 PM / a month ago

Norway's Telenor hit by tax reassessment expense of 2.5 billion Norwegian crowns

FILE PHOTO: Telenor's logo is seen in central Belgrade, Serbia, March 21, 2018. REUTERS/Marko Djurica

OSLO (Reuters) - Norway’s Telenor received a tax reassessment order for its 2013 tax year, under which it will need to record an additional tax expense of about 2.5 billion Norwegian crowns (£227.4 million), the firm said on Thursday.

“Telenor ASA received a reassessment order disallowing deduction for the loss Telenor ASA suffered in 2012 due to settlement of bank guarantees given in respect of external funding in its Indian subsidiary Unitech Wireless,” it said.

The reassessment order relates to 2013, as that was the year when the loss was recognised and claimed as tax deductible.

Telenor, which will have to pay the fee in the third quarter of this year, said it will appeal the reassessment.

Reporting by Lefteris Karagiannopoulos; Editing by Alexandra Hudson

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