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(Bloomberg) – Colombia’s tax company has dominated out freezing belongings belonging to Ecopetrol SA throughout the ongoing $3 billion VAT dispute, in accordance with a senior official on the state oil producer.
Chief Monetary Officer Camilo Barco informed buyers Friday that the tax company said “formally and particularly that it discards any asset freeze.”
Following a revised interpretation by tax company that gasoline and diesel imports are topic to the 19% VAT charge, Ecopetrol and its Cartagena refinery are being required to pay not less than 11.28 trillion pesos for the 2022 to 2024 interval. The businesses are disputing the declare and see a better than 50% likelihood of success, in accordance with a press release included in Ecopetrol’s third quarter earnings report.
In reply to a request for remark, the tax company referred to its Nov. 7 assertion the place it stated that it hasn’t begun any “coercive” course of in opposition to any gas importing firm.
See additionally: Ecopetrol Group allocates over half of 2025 price range for exploration & manufacturing
The dispute comes because the nation struggles with its fragile fiscal outlook. The federal government lately raised its forecast for this 12 months’s price range deficit to the equal of seven.1% of gross home product and has suspended a fiscal rule that beforehand restricted public spending.
Ecopetrol shares jumped 4.8% in Bogota buying and selling after the driller reported web earnings of two.56 trillion pesos ($682 million) within the third quarter, beating analyst expectations.
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