FLASH
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Referring to the court's decision, Bankers will have to return to Albania a part of the undeclared profits....
Bankers Petroleum's meadow comes to an end. For years, this company has received Albanian oil and avoided obligations, being one of the most abused contracts in the country. But the Arbitrage has dealt a heavy blow to the Bankers today.
The International Court of Arbitration has ruled in favor of Albania in the case before Bankers Petroleum. The latter, in 2015, referred you to Arbitration, after the order of the Directorate of Taxes to block the company's bank accounts in Albania in order to receive 75 million dollars, which the Taxes claimed should be paid by the company.
Everything started after an audit of the National Agency of Natural Resources for the year 2011. Based on this report, the Tax Administration had calculated the company's obligations from 2011 to 2014.
" At the conclusion of the trial, and because Bankers sought through arbitration to keep all amounts generated from the production of the Pato Marinza field through the cost recovery procedure, Albania prevailed on many of the issues of interpretation of Agreements before the Tribunal ", the court emphasizes.
Bankers Petroleum has had a long-standing dispute with the Albanian authorities regarding the level of expenses recoverable under the concession contract for the extraction of oil in Patos Marinzë. Referring to the court's decision, Bankers will have to return to Albania a part of the undeclared profits.
" Such a result acts as an important precedent for future income tax calculations both in Patos Marinzë and in all such assets belonging to the Albanian state where similar licensing agreements apply. The decision is also a strong vindication of the state's audits of hydrocarbon activities as well as its decision to contest recovered costs ," it added.
After an audit in 2015, the National Agency of Natural Resources claimed a sum of 247 million dollars of unjustified expenses, which it did not recognize as costs that are deducted for tax effect, but Bankers refused to pay the obligations.
Even KLSH then came to the conclusion that Bankers heads the list of companies that have caused the greatest damage to the state by not respecting the hydrocarbon agreement with the Albpetrol company. This has also been favored by the weak monitoring of agreements by the state itself. According to the audit, it was found that the company, Bankers, declared inflated expenses, which came out of the financial statements approved by Albpetrol
KLSH, says that only as a result of non-collection of profit tax from Bankers, the budget has not managed to collect 341 million dollars of revenue in years. Based on the monitoring that was done during the period of the explosions in Patoz - Marinez, the KLSH concluded that Bankers were to blame for them, the technology used and the amount of sulfur injection was contrary to the norms allowed by the WHO and still today it has not changed.
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