TeleComputing wins tax deduction appeal case
In its tax return for the fiscal year 2001 TeleComputing ASA claimed a deduction for investment losses in its subsidiary TeleComputing Inc, USA. A deduction would have increased TeleComputing`s tax loss carryforwards by approx. MNOK 203, which would have provided a non-discounted value to TeleComputing of approx. MNOK 56.8. The tax authorities refused to accept the deduction for the investment losses, and TeleComputing ASA brought the case before the courts. Information regarding the case was provided in TeleComputing ASA's annual report. In its judgment of 29th October 2008 Asker and Bærum County Court sustained TeleComputing ASA's claim in full. The government appealed against the judgement to Borgarting Court of Appeal. In its judgment of 19th October 2009 Borgarting Court of Appeal sustained TeleComputing ASA's claim in full and awarded TeleComputing ASA the costs of the case. If this judgement is final, TeleComputing will increase its tax loss carryforwards by approx. MNOK 203, providing a non-discounted value to TeleComputing of approx. MNOK 56.8. The deadline for the appeal is one month from 19th October 2009. The judgement may be obtained from Borgarting Court of Appeal.