Telenor's 2005 tax cost reduced
Fornebu
1 minute read
Telenor has today received a notification from the Norwegian Tax Authorities resulting in that Telenor, in 2003, realised a tax loss of approximately NOK 2.5 billion, in connection with a sale of shares in Telenor Business Solutions AS from Telenor Eiendom Holding AS, to Telenor Business Solutions Holding AS.
Telenor has previously not recognised the tax effect of this loss in its Financial Statements, ref. note 13 to the Financial Statements for 2003 and 2004. As a consequence of this decision the Telenor Group will recognise a reduced tax cost of approximately NOK 0.7 billion for 2005, with a corresponding increase in deferred tax assets. The decision will not affect current taxes for 2005, or previous years, due to tax losses carried forward.
Scott Engebrigtsen
Head of Information
Tel.: +47 90 04 34 84, E-mail: scott.engebrigtsen@telenor.com