Provincial Administrative Court decision on Merita Plc residual tax

Provincial Administrative Court decision on Merita Plc residual tax Taxes paid by Merita Plc (previously Unitas Ltd) for 1993 included residual taxes for the years 1987-1990. These stemmed mainly from the company's policy of not reporting interest on non-performing loans as income, a practice not approved in the tax inspection. The Uusimaa Provincial Administrative Court has accepted the company's complaints concerning the reporting of interest on non-performing loans. Merita Plc will thus receive a total refund of approximately FIM 210 million for residual taxes and interest paid for 1988-1990. It has already received a similar refund of FIM 45 million for 1987. The estimated impact of the tax decisions on the 1998 tax expenses of the MeritaNordbanken Group is minor. The decisions in this regard have become legally binding as of today, November 11, 1998. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1998/11/11/19981111BIT00300/bit0001.doc http://www.bit.se/bitonline/1998/11/11/19981111BIT00300/bit0002.pdf