Tax Verdict definition

Tax Verdict means the January 30, 2015 verdict of the District Court finding (i) the Former Employees guilty of tax evasion and imposed sentences on the Former Employees ranging from 5 years and 6 months to 5 years and 10 months of imprisonment in the correctional facilities of strict regimen in Mongolia, and

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Tax Verdict means the January 30, 2015 verdict of the District Court finding (i) the Former Employees guilty of tax evasion and imposed sentences on the Former Employees ranging from 5 years and 6 months to 5 years

Examples of Tax Verdict in a sentence

• However, the Company made a corresponding provision for the court case penalty of $18.0 million in the second quarter of 2015 given the Tax Verdict had entered into force.

• The restrictions on the assets were reaffirmed in the Tax Verdict and form part of the Tax Penalty payable by the Company.

• The Tax Verdict is, however, not immediately payable and enforceable against SGS absent further actions prescribed by the laws of Mongolia.

• As at December 31, 2016, the provision for the Tax Verdict (as defined below in “Governmental and Regulatory Investigations” of section “Regulatory Issues and Contingencies”) was reduced to $9.3 million.

• The Tax Verdict pronounced the three former employees of SGS guilty and declared SGS to be financially liable as a “civil defendant” for a penalty (the “Tax Penalty”) of MNT 35.3 billion (approximately $18.2 million on February 1, 2015).

• The Restricted Funds were transferred to the Court Decision Implementing Agency of Mongolia as partial payment of the Tax Verdict in October and November 2015.

• Following the refusal of the Supreme Court of Mongolia to hear the case on appeal in June 2015, the Tax Verdict entered into force.