Posted by OilVoice Press - OilVoice
Empyrean Energy plc, the oil and gas development company with interests in China, Indonesia and the United States, advises that it has received a cash refund from HM Revenue and Customs ("HMRC") totaling £298,816.50 (US$395,9561) (the "HMRC Refund"). The HMRC Refund, being the 2016 tax paid by the Company to HMRC, is payable to the Company under s37(3)(b) CTA 2010 through the carry back and offset of current year trading losses against total profits of the previous accounng period, as reflected in the tax return lodged with HMRC on 27 March 2018.
In addion to the above, the Company's United States tax advisors submied Empyrean's federal tax return with the United States Internal Revenue Service ("IRS") on 31 January 2018. The Company has been advised by the IRS that a tax refund of US$905,805 (£683,5851) (the "US Tax Refund") is ancipated to be processed this month, which through the applicaon of 31 March 2017 taxable year losses, represents a full refund of tax paid in the US during the 1 April 2016 - 31 March 2017 taxable year.
The proceeds from HMRC and the IRS will assist the Company's ongoing working capital requirements.
The company will provide an update when the US Tax Refund has been received and cleared to Empyrean's bank account.
Visit source siteTaxEmpyrean EnergyHMRCIRS