The tax and customs authorities in the UK, HMRC, have now recognised that supporting overseas exploration activity constitutes an economic activity as far as Oriole Resources PLC (LON:ORR) is concerned.
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This bodes well for Oriole’s appeal against a demand that it pay back £557,000 in reclaimed VAT last year, and the company now expects that the provision it made in its 2017 accounts will be released.
A partial restriction will remain in regard to activities in Turkey, the size of which is subject to ongoing discussions.