Equity
Hungary Humet asks for lenience from tax authority
Only a few days after taxmen visited Humet to collect back taxes, the debt-ridden company announced on Friday a plan it claims will allow to clear its debts by 30 November 2006.
Humet filed for bankruptcy protection in May and owes HUF 265 million in back taxes .HUF 34 million of this sum must be cleared by the end of 2004.
On Friday, Humet announced on the website of the Budapest Stock Exchange (BSE) that it would ask APEH if it can pay the amount back in instalments.
Humet had losses of HUF 63 million in January-June this year, which far exceeded the company's net revenue of HUF 36 million.
Humet's request to APEH is as follows:
- Clear HUF 11,620,000 by 30 November 2004
- Pay HUF 2,996,000 in monthly instalments by the 10th day of every month (about HUF 124,800 per month) between 10 November 2004 and 10 October 2006.
- Clear half of the remaining HUF 20,302,000 by 30 November 2006.
Humet asked APEH to relieve it from paying the HUF 10,151,000 of the total HUF 34,918,000 debt.
The company also asked for exemption of paying duties because of its “catastrophic state" of finances.
Humet filed for bankruptcy protection in May and owes HUF 265 million in back taxes .HUF 34 million of this sum must be cleared by the end of 2004.
On Friday, Humet announced on the website of the Budapest Stock Exchange (BSE) that it would ask APEH if it can pay the amount back in instalments.
Humet had losses of HUF 63 million in January-June this year, which far exceeded the company's net revenue of HUF 36 million.
Humet's request to APEH is as follows:
- Clear HUF 11,620,000 by 30 November 2004
- Pay HUF 2,996,000 in monthly instalments by the 10th day of every month (about HUF 124,800 per month) between 10 November 2004 and 10 October 2006.
- Clear half of the remaining HUF 20,302,000 by 30 November 2006.
Humet asked APEH to relieve it from paying the HUF 10,151,000 of the total HUF 34,918,000 debt.
The company also asked for exemption of paying duties because of its “catastrophic state" of finances.
