US offshore drilling firm Transocean has been slapped with a $100 million bill for outstanding taxes by the Brazilian tax authorities.
The Houston-based company revealed in a regulatory filing with the Securities and Exchange Commission that state tax authorities in Rio de Janeiro assessed an extra $100 million in customs taxes on imported equipment after finding "deficient" record-keeping at a Transocean unit.
Transocean said that it has begun an investigation into the Brazilian claims, but the company believes that the "substantial majority of these assessments are without merit".
"We intend to file an initial response with the Rio de Janeiro tax authorities in September 2006 refuting these additional tax assessments," the company announced.
Transocean does not expect the proceedings to have a material effect on its consolidated financial position.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment