IHS Chemical Week

Regions :: Middle East :: Saudi Arabia

ICL considers legal challenge to possible hike in mining royalties and taxes

4:28 PM MST | January 8, 2014 | Ian Young

Israel Chemicals Ltd. (ICL; Tel Aviv) says it is considering a legal challenge to plans by the Israeli government to seek higher royalties and taxes from the company's phosphate and potash mining operations. ICL confirms that on 29 December the company received an assessment from the Israel Tax Authority (Jerusalem) requiring ICL to make an additional tax payment of about $230 million, over and above the amount paid, for the 2009-11 period. The tax authority's main contention is that ICL's Dead Sea Works and Rotem Amfert Negev subsidiaries are not entitled to...

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