Relief for BCL in tax case BOUNGAINVILLE Copper Limited (BCL)...

Relief for BCL in tax case

BOUNGAINVILLE Copper Limited (BCL) yesterday obtained a court order preventing the Central Bank from paying K5 million to the Internal Revenue Commission from funds BCL deposited in treasury bills at the bank.
Deputy Chief Justice Sir Salamo Injia, sitting alone in the Supreme Court, granted the order which is additional to other orders granted last week.
Last Friday BCL successfully sought orders for a judicial review of a previous National Court decision that ordered it to pay outstanding income taxes of about K30 million it owed IRC.
Lawyer Erik Anderson, for BCL, yesterday argued that the orders issued by Justice Timothy Hinchliffe last week were not specific.
Mr Anderson said the order would not prevent the Central Bank paying K5 million to IRC by today from the BCL’s Treasury Bills deposits, after maturity of its investments.
Mr Anderson argued that his client wanted to maintain the status-quo that monies should not be paid out, pending the determination of their motion for a judicial review to set aside the orders of the National Court by Judge Gibbs Salika in April.
Justice Sir Salamo granted the order, and further ordered that the K5 million be deposited into a Interest Bearing Account with a commercial bank by Aug 1.
The judge also ordered that BCL not deal in any way with the money until the completion of the review.

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