Asia Satellite (HKG:1135) makes provision for potential tax


Referring to its announcement last month in relation to the enactment of a new Finance Bill in India, Asia Satellite Telecommunications (HKG:1135) said that based on the latest advice it has received from its tax and legal advisers in India, it will record a provision which will reflect an appropriately conservative view based on the historical information currently available in respect of potential Indian tax in its group companies' forthcoming interim results for the period ending 30 June 2012, notwithstanding that there is an arguable case in the group's current tax proceedings in the Indian Courts.

There is no certainty that the amount of the provision to be recognised by the company will be sufficient to cover the ultimate Indian tax exposure of the group, the company said. However, based on the latest information currently available to the group, the company believes that the overall impact on the consolidated statement of comprehensive income of the group in respect of the liability covered by this provision will not be material.

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