Maldives govt says, no taxes payable by GMR on Male airport contract compensation: Media report

The Maldivian Attorney Generals Office has issued a statement on May 23.

May 27, 2019 02:05 IST India Infoline News Service

Shares of GMR Infra will be in focus today as a PTI report stated that the government of Maldives has decided not to press for income tax and fines of over $20mn from the company on the compensation it received from the island nation for the premature termination of Male International Airport contract.

As per reports, the Maldivian Attorney Generals Office has issued a statement on May 23. The statement says that no sum will be imposed on GMR by the Maldives Inland Revenue Authority on the Final Award Sum in respect of taxes.

In 2017, the Maldive government had issued a notice seeking $20.5mn towards income tax and fines from GMR Male International Airport Private Limited, a GMR group company, that won $270mn arbitration against the premature termination of the contract for modernization and operation of the Male airport. The Indian infrastructure major refuted the tax claim by Maldives.

GMR Infrastructure Ltd's share price ended at Rs16.75, up by Rs0.9 or 5.68%, from its previous close of Rs15.85 on the BSE.
The scrip opened at Rs16.20 and touched a high and low of Rs16.90 and Rs15.85, respectively. A total of, 1,65,70,685 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs10,140.39cr.

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