Tax & Penalty29 Sept 2026, 10:50 pm
KEC International's Mali branch fined FCFA 408 Mn (₹6.79 Cr)
AI Summary
KEC International Ltd's branch in Mali has received an Assessment Order from the Directorate of Large Enterprise (DGE), Mali, imposing a penalty of FCFA 408 Million, equivalent to approximately Rs. 6.79 crore. The order pertains to the tax period January 2020 to December 2021. The DGE allegedly taxed offshore supplies by applying an ad-hoc margin and rejecting a ministerial decree that exempted the project from taxes. The company is contesting the demand, stating it has been advised that the demand is incorrect and does not foresee any material financial impact.
Key Highlights
- Mali branch received tax assessment order from DGE.
- Penalty imposed is FCFA 408 Mn (approx. ₹6.79 crore).
- Order relates to alleged incorrect taxation of offshore supplies.
- Company believes demand is incorrect and expects no material impact.
- KEC International plans to seek appropriate legal remedies.
Price Impact
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