poLight ASA – poLight won the VAT appeal case

Horten, 16 December 2021 - poLight ASA (OSE: PLT) today announced that the Tax Appeals Board has issued a final decision and accepted the appeal.

Reference is made to previous announcements made by poLight ASA (hereafter “the Company”) regarding the Tax Administrations decision on September 2018 to deregister poLight ASA from the VAT register. Following this decision, the Company repaid previously deducted input VAT for the period from 2013.  The decision to deregister the Company was appealed in September 2018.

On 28 August 2020, the tax authorities decided, independent of the appeal case, to accept an application for re-register of poLight ASA in the VAT Register with effect from July 2020.

According to the decision made by the Tax Appeals Board, the Company will be VAT registered with effect from January 2013, allowing the Company to deduct input VAT on costs from 1.1.2013-30.06.2020. Accordingly, the monetary outcome is estimated to be approximately NOK 12 million. Interest from the date of the decision in 2018 is not included in the estimate. This decision will have positive effect on the fourth quarter financial statements.

The amount is expected to be repaid shortly, following a processing time at the Tax Administration of normally three weeks.

Further information from:

Dr. Øyvind Isaksen, CEO, poLight ASA: +47 90 87 63 98
 

About poLight ASA

poLight offers a new autofocus lens which "replicates" the human eye for use in devices such as smartphones, wearables, barcode, machine vision systems and various medical equipment. poLight's TLens enables better system performance and new user experiences due to benefits such as extremely fast focus, small footprint, no magnetic interference, low power consumption and constant field of view. poLight is based in Horten, Norway, with offices in Finland and China and representation in France, UK, US, Taiwan, Korea and Japan. For more information, please visit https://www.polight.com