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(Sharecast News) - Oil and gas company Serinus Energy said on Friday that the Superior Court of Cassation and Justice of Romania had ruled in its favour in its spat with Agenia Naional de Administrare Fiscal.
Serinus stated that in 2018 and 2019, the Romanian tax authority refused to refund VAT amounts totalling RON 8.32m (£1.39m) after "a routine VAT return submissions" in those years.
ANAF had claimed the VAT couldn't be refunded to Serinus because it was attributed to the 40% share of a defaulted partner, OEBS. However, Serinus argued the decision disregarded the fact that it had paid 100% of all costs, including VAT. In 2022, the conclusion of the ICC Arbitration affirmed that the defaulted partner had no rights subsequent to its default, including any claim to VAT paid on its behalf by Serinus.
"In addition to the award of the VAT refunds, Serinus is also awarded interest compensation for the delayed refund of the VAT funds in the amount of RON 3.61m (£603,877)," said Serinus.
The ANAF is obliged to provide Serinus with the VAT refund and interest amounts within 45 days of receiving official notification of the award.
As of 0955 GMT, Serinus shares had surged 17.58% to 2.82p.
Reporting by Iain Gilbert at Sharecast.com
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