Iraq tax authority seeks to seize Zain Iraq shares from Zain Group
The tax authority of Iraq, General Commission of Taxes (GCT) is seeking to seize Zain Iraq’s shares from Zain Group [ZAIN KW], according to Bloomberg. The company will take legal action to prevent the seizure of the unit’s shares. GCT had been seeking a USD1.2bn (KWD363mn) capital gain tax from Zain Iraq for the acquisition of Iraqna in 2007. The company refused to pay the amount resulting in a freeze to the unit’s USD187mn (KWD57mn) cash balance. (Bloomberg, Zawya) Zain Group: KWD0.33 as of 18 July 2016, Rating: Buy, FV: KWD0.51 per share, MCap: USD4,755mn, ZAIN KK / ZAIN.KW
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