Capricorn Energy plc has withdrawn all global enforcement proceedings against the Indian government ahead of a US$1.06bn tax refund.
COLLABORATION
The move signifies the final stage of undertakings by the company and its subsidiary Cairn Energy Holdings Ltd with the Indian authorities.
“This concludes all the necessary steps required of the company under the rules of the India Taxation (Amendment Act) 2021,” said Capricorn in a statement.
“Upon its acceptance of the company’s submission that all of those requirements have been satisfied, the Government of India will pay the company a tax refund of approximately INR 79bn (US$1.06bn).”
“Capricorn is working collaboratively with the Government of India towards expediting the refund within the process of the Tax Amendment Act Rules.
“The previously announced special dividend is expected to be paid in early 2022.”