Panostaja Oyj Stock exchange release 25 October 2012 time 10.00
THE SUPREME ADMINISTRATIVE COURT REJECTED PANOSTAJA OYJ'S PETITION FOR LEAVE TO APPEAL IN THE CASE CONCERNING TAXATION OF GAINS FROM THE SALE OF FIXED ASSET SHARES
In spring 2008 The Tax Office for Major Corporations decided in its advance ruling concerning the refund of Panostaja Oyj's capital in natura (in Takoma Oyj's shares) that Panostaja Oyj is a capital investor as stated in the Business Income Tax Act (section 6). Gains from the sale of fixed asset shares are taxable income for capital investors.
Due to the above-mentioned advance ruling The Tax Office for Major Corporations regarded Panostaja Oyj as a capital investor in the standard annual assessment for 2007 and levied tax on the gains of certain fixed asset shares. Panostaja Oyj appealed against the annual assessment to Assessment Adjustment Board and claimed for exemption for the gains of fixed asset shares. The Assessment Adjustment Board rejected Panostaja Oyj's claim for adjustment in August 2009. Panostaja Oyj appealed against this decision to the Helsinki Administrative Court. Panostaja Oyj has been informed of the rejective decision by the Helsinki Administrative Court concerning the company's appeal in June 2011. The Administrative Court has regarded Panostaja Oyj as a capital investor as stated in the Business Income Tax Act.
Panostaja Oyj filed a leave to appeal to the Supreme Administrative Court against the decision by The Administrative Court in August 2011. The Supreme Administrative Court has now rejected Panostaja Oyj's petition for leave to appeal. Thus, the decision of The Administrative Court will now enter into force. Since Panostaja Oyj's standard annual tax assessment has been conducted according to the interpretation of The Tax Office for Major Corporations i.e. as capital investor during the recent years, no additional taxes will be levied as a result of this decision.
This final decision confirms Panostaja Oyj's status as a capital investor as stated in the Business Income Tax Act and, thus, clarifies Panostaja Oyj's tax position in the future.
Panostaja Oyj
Juha Sarsama
Chief Executive Officer
Additional Information:
Chief Executive Officer Juha Sarsama 040 774 2099