Metro Cash And Carry Limited - Announcement By Met
Metro Cash And Carry Limited - Announcement By Metro Cash And Carry Limited -
12.12.2002
Metro Cash And Carry Limited
JSE Code : MTC
ISIN : ZAE000012688
ANNOUNCEMENT BY METRO CASH AND CARRY LIMITED - 12.12.2002
Following on the VAT related assessment issued in May 1999 by SARS to Metcash,
certain matters remained to be investigated by SARS and then considered by the
parties. These investigations and considerations have covered the period March
1996 to January 2002 (the substantial majority of which relate to the period
prior to May 1999). The investigations have now been completed and the matter
resolved, in consequence of which Metcash will bear liability for VAT in an
amount of approximately R30 million pertaining to exports of goods. The amount
will be deducted from funds owing by SARS to Metcash.
The above payment will have no effect on Metcash`s earnings as adequate
provision has previously been made for this
SARS has expressed its satisfaction with the co-operation received from Metcash
management in bringing the matter to finality. According to SARS finality has
now been reached on the issues under scrutiny and it is not aware of any further
or other matters requiring scrutiny in relation to Metcash`s VAT related
affairs.
Date: 12/12/2002 09:04:00 AM Produced by the JSE SENS Department
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