Egypt’s Orascom Telecom Holding said it will challenge the Algerian tax authority’s reassessment of taxes allegedly owed by the firm’s Algerian unit, which the authority said totaled around $230 million.OT said that its Algerian subsidiary Orascom Telecom Algeria received the final tax notification for 2008 and 2009 from the country’s tax authority, which has re-assessed the total to around $230 million, according to a statement.
“OTH and OTA intend to take all necessary legal steps to challenge this completely unfounded reassessment,” the statement read.
The reassessed total “alleged to be owed by OTA…is considered a final notification pursuant to the preliminary notification OTA received in September 2010,” the firm said, adding that it “comes despite the fact that OTA had already paid the taxes due for the same years.”
