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Oriole Resources makes significant progress on VAT appeal

Oriole has a portfolio of exploration assets in Africa and Turkey
Oriole Resources makes significant progress on VAT appeal
Discussions with HMRC remain ongoing in regard to activities in Turkey

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.

WATCH: Oriole Resources 'very excited' by results from Dalafin drill programme

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.

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