polight ASA: VAT registration application approved
Horten, 28 August 2020 – poLight ASA (OSE: PLT) has today received a letter of decision to re-register poLight ASA in the VAT Register based on an application submitted in July 2020.
On 14 September 2018, the Norwegian Tax Administration for South Norway (Skatteetaten Sør-Norge) excluded poLight ASA from the Norwegian VAT Register and claimed repayment of refunded VAT, with effect from 1 January 2013. The decision has been appealed. The Tax Appeals Board has not yet made a decision, so the outcome of this appeal is still pending. As per 30 June 2020, the monetary impact of the ruling amounted to NOK 19.5 million.
poLight has been in dialogue with the tax authorities to be re-registered since the decision to exclude poLight ASA from the VAT Register was made. An application to be pre-registered was sent in December 2018, but this application has not been processed pending the outcome of the appeal. In July 2020, poLight ASA sent a request for processing of this application based on commercial developments in 2020, or in the alternative that the tax authorities consider registration on ordinary terms.
The Norwegian Tax Administration has today decided to re-register poLight ASA in the VAT Register from July 2020. poLight expects to receive retrospective VAT settlements backdated to 1 July 2017. The monetary effect is estimated to be NOK 8.2 million. If the company is successful in the appeal case the monetary outcome of the appeal will be reduced accordingly.
For additional information, please contact:
Øyvind Isaksen, CEO, poLight ASA: +47 90 87 63 98
Alf Henning Bekkevik, CFO, poLight ASA: +47 91 63 05 14
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, France and China and representation in Taiwan and Korea. For more information, please visit https://www.polight.com