TIDMGED

RNS Number : 6854W

Global Energy Development PLC

30 January 2013

 
 For Immediate Release   30 January 2013

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company")

New Colombian Tax Law

Global Energy Development PLC, the Latin America focused petroleum exploitation, development and production company (LSE-AIM: "GED") announces that in late December 2012, Colombia's Congress approved a new tax reform bill which was then enacted by the Colombian president, completing the legislative process. The Law is divided into 198 articles in total. For income tax purposes, the new Law is effective 1 January 2013 but will affect the Company's deferred tax estimates.

The Law introduces new taxes in the form of an additional corporate income tax and a consumption tax. The corporate income tax rate is reduced from 33% to 25%, but the Law introduces a new income tax (CREE tax) of 9%, while it eliminates certain contributions. The rate for the CREE tax is reduced to 8% as of 2016.

The Company is currently assessing the effect of the new Law upon its financial information.

For further information:

Global Energy Development PLC

 
 Anna Williams, Finance Director    +001 817 310 0240 
  awilliams@globalenergyplc.com 
   www.globalenergyplc.com

Buchanan

 
 Tim Thompson        +44 (0)20 7466 5126 
 Ben Romney          +44 (0)20 7466 5132 
 
 
 Northland Capital Partners Limited 
                                       +44 (0)20 7796 
 Louis Castro                           8800

Lauren Kettle

   Westhouse Securities Limited                                                 +44 (0)20 7601 6100

Petre Norton

Antonio Bossi

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCEAEFEDFDDEFF

Global Energy Development (LSE:GED)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Global Energy Development Charts.
Global Energy Development (LSE:GED)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Global Energy Development Charts.