Business
Tax Exemption
Tax Exemption.
About this update from Steppe Cement Ltd
[{"type":"text","content":"\n Steppe Cement Limited\n10 January 2006\n\n\n\n STEPPE CEMENT LIMITED\n\n TAX EXEMPTION\n\nThe directors of Steppe Cement Limited ('Steppe' or the 'Company' AIM - STCM.L)\nare pleased to announce that the Company's 100% owned subsidiary, Karcement JSC\n('Karcement'), has concluded an agreement with the Ministry of Industry and\nTrade of the Republic of Kazakhstan regarding the tax incentives covering its\ncapacity expansion project.\n\nThe agreement grants a five year income tax and property tax exemption\ncommencing on the date Karcement begins production from the refurbished dry\nlines and expiring not later than 31 December 2012.\n\nKarcement will undertake the refurbishment of dry lines number 5 and 6 for an\nestimated total cost of US$93 million during 2006 and 2007. This will provide\nthe group with additional production capacity of 2.4 million tonnes of cement\nper annum.\n\nThe Company is also discussing possible exemptions from import duties and VAT on\nimported machinery for the project with the relevant authorities in Kazakhstan.\nThe Company will inform the market as soon as any agreement in relation to this\nmatter has been finalized and approved.\n\n\n\n\n\n\n\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":1548,"tagName":"div"}]