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Bankers Petroleum and The Government of Albania Sign Agreement For Binding Third-Party Audit to Resolve 2011 Tax Dispute
Bankers Petroleum and The Government of Albania Sign Agreement For Binding Third-Party Aud...
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[{"type":"text","content":"\n\n\n\nBankers Petroleum and The Government of Albania Sign Agreement For Binding Third-Party Audit to Resolve 2011 Tax Dispute\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nBankers Petroleum and The Government of Albania Sign Agreement For Binding Third-Party Audit to Resolve 2011 Tax Dispute\nCanada NewsWire\nCALGARY, Feb. 24, 2016\n\n\n\nCALGARY, Feb. 24, 2016 /CNW/ - Bankers Petroleum Ltd. (Bankers or the Company) (TSX: BNK, AIM: BNK) is pleased to announce that the Minister of Energy and Industry, AKBN, and Bankers have signed a formal agreement for the appointment of an international expert audit team to review Bankers' 2011 expenditures and assess whether they were certifiable petroleum costs according to the Petroleum Agreement and License Agreements. The determination of the expert will be binding and the Albanian tax authority will recalculate Bankers tax obligations for 2011 based upon the expert's determination. The audit is expected to commence immediately and conclude within the second quarter. The parties have also committed to using the expert's determination as the basis for certifying petroleum costs in subsequent years, including calculation of Bankers tax obligations for 2012.\n\nAs a result of the parties entering into this agreement, the international arbitration will be suspended.  Additionally, the Government of Albania and Bankers will open a dialogue on clarifying terms in the Petroleum Agreement and License Agreement and review the existing fiscal terms for changes that work for both parties, subject to resolution of the cost recovery matter.  \n\nDavid French, President and Chief Executive Officer of Bankers said \"resolving this dispute will send a great signal that Bankers and the Government of Albania are working together to encourage investment and development.  We look forward to reaching an appropriate outcome, and turning our attention to continuing to manage the Patos-Marinza field for the best interest of the Government, the environment, our employees, and the local Albanian communities we serve.\"\n\nCaution Re...