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Upstream gas company Sound Energy PLC has received a written notification from the Moroccan General Tax Administration informaing the firm that its Morocco subsidiary owes additional corporate and value-added tax worth USD14 million.
According to Proactive Investors, the company received the notification following a tax audit by the Moroccan authorities earlier this year for the period between 2016 and 2018.
«According to their assessment, the historical licensing changes detailed in the notification relate the Tendrara Lakbir Permit and the transfer of interest from Sound Energy Morocco SARL AU to Sound Energy Morocco East Limited», Sound said in a statement.
«The company believes that the assessment arises from a misunderstanding of the historical licensing changes and together with its advisors will be engaging with the Moroccan Tax Administration to provide clarity and to seek to resolve the misunderstanding».
Sound Energy said that it has 30 days to formally respond to the Moroccan tax authorities.
