https://www.engineeringnews.co.za
Exploration|Financial|Gold|Resources|Operations
Exploration|Financial|Gold|Resources|Operations
exploration|financial|gold|resources|operations

Oriole Resources receives £522 000 VAT refund

29th April 2019

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

Font size: - +

Aim-listed exploration company Oriole Resources has received a repayment of £522 000 from Her Majesty’s Revenue and Customs (HMRC), in the UK, following the positive resolution of a value-added tax (VAT) dispute.

“We are delighted to be able to report the receipt of this money and the end of this long-running dispute, which has been a costly distraction for over two years,” Oriole CFO Bob Smeeton commented in a statement issued on Monday.

“The end of the dispute allows us to reduce professional adviser fees and provides funds for our continued exploration operations.”

In 2017, HMRC ruled that the group’s activities of supporting its overseas exploration operations could not be classed as an economic activity for VAT purposes and subsequently demanded that the company pay back the VAT reclaimed in the UK since 2011.

This led to a provision of £557 000 in Oriole’s 2017 financial statements and a payment to HMRC of £593 000 in June 2018.

A successful resolution to the dispute was reached by the company during 2018, with HMRC reversing its decision.

The company has now received £522 000, reflecting the final agreement with HMRC in respect of recoverable VAT.

The money will enable the company to progress its new-frontier gold exploration programme in Cameroon, as well as to pursue other possible opportunities in Africa and Europe.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.074 0.126s - 160pq - 2rq
Subscribe Now