– The verdict is very pleasant reading. We are happy for the result, which we believe is right, we are very pleased that the explanation for our client was assumed, says Schjødt lawyer Vidar Stromme, representing Stein Erik Hagen family company Canica in the case, to DN.
The newspaper notes that the sailing yacht “Canica” 140 feet were twice as expensive as planned and costed billionaire almost 210 million when it was completed in 2004. While the boat was under construction, sold Hagen it to their family company Canica . Shortly after the takeover, he bought it back, and the company then sought deduction of 81 million.
But neither Tax Appeals or Court believed in Hagen, who claimed that the family company took over the boat because it would be run commercially and rented out, and that he bought it back then were unsuccessful.
Both organizations believed that the solution was chosen mostly because it was tax beneficial.
In the Court of Appeal judgment, which was handed down Friday, think, however, the majority of Hagen and Canica explanation.
DN writes that Canica be upheld in that it had the right to deduction. This saves the company also surtaxes and gets covered costs. The judgment was passed with dissent. One of the three judges agreed with the district court.
However, although Hagen and family company won the case, the deduction will be greatly reduced, the newspaper said.
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