Business
£0.5M VAT Repayment Received
£0.5M VAT Repayment Received.
About this update from Oriole Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3204X Oriole Resources PLC 29 April 2019 \n\nOriole Resources PLC \n('Oriole Resources' or 'the Company' or 'the Group')\n \n£0.5M VAT Repayment Received\n \nOriole Resources, the AIM-quoted exploration company operating in Africa and Europe, is delighted to announce that it has now received a repayment of £522k from Her Majesty's Revenue and Customs ('HMRC') following the positive resolution of its VAT dispute last year (Announcements dated 13 November 2018 and 31 January 2019). \n \nBob Smeeton, Chief Financial Officer, said: \"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. The end of the dispute allows us to reduce professional advisor fees and provides funds for our continued exploration operations.\" \n \nFurther Information\nIn 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 £557k in the 2017 Financial Statements and a payment to HMRC of £593k in June 2018. A successful resolution to the dispute was reached by the Company during 2018, with HMRC reversing their decision. The Company has now received £522k reflecting the final agreement with HMRC in respect of recoverbale VAT. \nThe funding will enable the Company to progress its new-frontier gold exploration programme in Cameroon, as well as pursue other opportunities it is reviewing in Africa and Europe. \n \n** ENDS **\nFor further information please visit www.orioleresources.com, @OrioleResources on Twitter, or contact:\n \n\n\n\nOriole Resources PLC\nBob Smeeton / Tim Livesey /Claire Bay\n \n\n\nTel: +44 (0)20 830 9650\n\n\n\n\nBlytheweigh (IR/PR contact)\nTim Blythe / Megan Ray / Rachael Brooks\n \n\n\nTel: +44 (0)20 7138 3204\n\n\n\n\nGrant Thornton UK LLP\nSamantha Harrison / Ben Roberts / Niall McDonald\n \n\n\nTel: +44 (0)20 7383 5100\n\n\n\n\nHannam & Partners\nNeil Passmore / Andrew Chubb\n \n\n\nTel: +44 (0)20 7907 8500\n\n\n\n\nTurner Pope Investments (TPI) Ltd\nBen Turner / James Pope / Andy Thacker\n\n\nTel: +44 (0)2036214120...