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Norsk Hydro to secure 700M Norwegian kroner in tax case win

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Norsk Hydro to secure 700M Norwegian kroner in tax case win

Norwegian aluminumcompany Norsk Hydro ASAwill receive a tax reimbursement and interest of approximately 700 million Norwegiankroner following its tax appeal win, according to an April 14 release.

The company in 2008posted a loss of about 2.15 billion kroner related to refinancing of loans to subsidiaries,and it was deducted in its tax return. Norwegian tax authorities, however, determinedin 2013 that the loss was not deductible, and the associated tax was paid in thefirst quarter of 2014.

Hydro appealed theruling and the Tax Appeal Board ruled in favor of the company.

The total, comprisinga tax reimbursement of approximately 600 million kroner and interest of 100 millionkroner, will be included in the company's first-quarter financial statements andis expected to be received in the second quarter.

As of April 13, US$1 was equivalent to 8.22 Norwegiankroner.