Court Found for Nordea in Tax Case in Norway.Business Editors STOCKHOLM, Sweden--(BUSINESS WIRE)--June 27, 2001 The Norwegian Norwegian associated in some way with Norway. Norwegian buhund, Norwegian sheepdog a medium-sized (26-40 lb), spitz-type dog with a short, dense coat in wheaten, black, red or sable, sometimes with black markings on the face, ears Supreme Court has today pronounced judgement in the tax action brought by Christiania Bank Christiania Bank og Kreditkasse, branded domestically as Kreditkassen or K-Bank and internationally as Christiania Bank was a Norwegian bank that existed between 1848 and 2000 when it merged with MeritaNordbanken and became Nordea. against the Norwegian government regarding the tax treatment of the preference capital the bank was provided with in 1991. The Court has found that the disputed amount of approximately NOK NOK In currencies, this is the abbreviation for the Norwegian Krone. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 2.7 billion should neither be counted as taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. nor reduce tax losses. The disputed loss carried forward of NOK 2.7 billion is not reflected in the balance sheet of Christiania Bank as of 31 March 2001. The judgment entails that the bank's loss carry-forward will increase by NOK 2.7 billion, which will result in future tax savings of up to approximately NOK 750 million that will be reported as income in the financial statement for the second quarter 2001. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. : http://www.bit.se/bitonline/2001/06/27/20010627BIT00920/bit0001.doc http://www.bit.se/bitonline/2001/06/27/20010627BIT00920/bit0001.pdf |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion