Kristiansand District Court has sentenced Siem Offshore Inc to pay a fine of NOK 5 million dollars for failure to tax records and accounts.

The company’s CEO is acquitted of complicity.

The court found that the offshore company has failed to file a tax return and accounting for taxable activities on the Norwegian shelf in the years 2005 to 2007. The managing director was acquitted of complicity in tax fraud.

Tax returns for 2006 and 2007 were delivered in autumn 2008 as a result of the Tax Administration via a third party found out that the company ran business that was taxable in Norway. The tax return for 2005 was first delivered in autumn 2010, writes Økokrim in a statement.

Besides million fine, the 300,000 kroner revoked.  The court has assumed that lack of tax returns could before the unndragning of a significant skattesum.  The conclusion is that general deterrence considerations to impose punishment.

Økokrim emphasizes that the judgment is not enforceable yet, and the company states in a press statement that it will study the judgment before it takes a position on a possible appeal.  Siem Offshore also points out that they are acquitted at a point about the lack of reporting of withdrawals of vessels.

Source: Subseaworldnews