In its tax return for the fiscal year 2001 TeleComputing claimed a deduction for investment losses in its subsidiary TeleComputing Inc, USA. A deduction would have increased TeleComputing`s tax loss carryforwards by approx. MNOK 203, which would have provided a non-discounted value to TeleComputing of approx. MNOK 56.8. TeleComputing has registered this tax loss carry forwards in its 2009 balance sheet.
The tax authorities refused to accept the deduction for the investment losses, and TeleComputing brought the case before the courts.
In its judgment of 19th October 2009 Borgarting Court of Appeal sustained TeleComputing AS's claim in full and awarded TeleComputing the costs of the case. The government appealed the judgement to the Supreme Court. In its judgement of 21st June 2010 the Supreme Court rejected the appeal.
For more information, please contact:
TeleComputing AS: Kjetil Haukås, CFO, phone: +47 977 87 598
About TeleComputing
TeleComputing is a leading supplier of cloud computing, centralized IT OnDemand solutions and outsourcing to the Nordic SMB market. Kentor, a systems integrator subsidiary, offers qualified industry- and business systems specialists, system development and IT consulting. TeleComputing has 700 employees and 800 business customers in the Nordic countries. For more information, please visit: www.telecomputing.com.