Telenor ASA wins tax case in Norway, is repaid NOK2.4bn in corporate income tax

Nordic Business Report-October 17, 2006-Telenor ASA wins tax case in Norway, is repaid NOK2.4bn in corporate income tax
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The Norwegian telecommunications group Telenor ASA announced on Tuesday (17 October) that it has won a major tax case in Norway.

The Norwegian supreme court ruled, upholding decisions by lower courts, that the loss recognised by Telenor in connection with an internal sale of shares in Sonofon Holding A/S in 2001, was tax deductible.

As a consequence of the ruling Telenor will be repaid corporate income tax of approximately NOK2.4bn. In addition Telenor will receive interest compensation of of approximately NOK318m, and reverse an expensed, but not yet paid, late payment interest of approximately NOK256m.

"Telenor will show a tax income of approximately NOK2,414m and a financial income of approximately NOK574m in the fourth quarter 2006," Telenor stated.

Telenor is one of the world's largest mobile operators with nearly 83m subscribers in 12 countries. The group is also the largest provider of TV services in the Nordic region. Telenor has some 27,600 employees and annual revenues of nearly NOK70bn. Telenor is listed on Oslo Stock Exchange under the ticker TEL and on Nasdaq under the ticker TELN.

One British pound (GBP) is worth approximately 12.48 Norwegian kroner (NOK).

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