Horten, 28 August 2020 - poLight ASA (OSE: PLT) has today received a letter of
decision to re-register poLight ASA in the VAT Register based on an application
submitted in July 2020.
On 14 September 2018, the Norwegian Tax Administration for South Norway
(Skatteetaten Sør-Norge) excluded poLight ASA from the Norwegian VAT Register
and claimed repayment of refunded VAT, with effect from 1 January 2013. The
decision has been appealed. The Tax Appeals Board has not yet made a decision,
so the outcome of this appeal is still pending. As per 30 June 2020, the
monetary impact of the ruling amounted to NOK 19.5 million.
poLight has been in dialogue with the tax authorities to be re-registered since
the decision to exclude poLight ASA from the VAT Register was made. An
application to be pre-registered was sent in December 2018, but this application
has not been processed pending the outcome of the appeal. In July 2020, poLight
ASA sent a request for processing of this application based on commercial
developments in 2020, or in the alternative that the tax authorities consider
registration on ordinary terms.
The Norwegian Tax Administration has today decided to re-register poLight ASA in
the VAT Register from July 2020. poLight expects to receive retrospective VAT
settlements backdated to 1 July 2017. The monetary effect is estimated to be NOK
8.2 million. If the company is successful in the appeal case the monetary
outcome of the appeal will be reduced accordingly.
For additional information, please contact:
Øyvind Isaksen, CEO, poLight ASA: +47 90 87 63 98
Alf Henning Bekkevik, CFO, poLight ASA: +47 91 63 05 14
About poLight ASA
poLight offers a new autofocus lens which "replicates" the human eye for use
in devices such as smartphones, wearables, barcode, machine vision systems and
various medical equipment. poLight's TLens® enables better system performance
and new user experiences due to benefits such as extremely fast focus, small
footprint, no magnetic interference, low power consumption and constant field of
view. poLight is based in Horten, Norway, with offices in Finland, France and
China and representation in Taiwan and Korea. For more information, please
visit https://www.polight.com