Tax Assessment Order with Rs. 6.79 crore Penalty Received from Mali Tax Authority
KEC's Mali branch has received an Assessment Order from the Directorate of Large Enterprise (DGE), Mali, for the period January 2020 to December 2021.
- Tax Demand
- FCFA 367 Mn (Rs. 6.10 crore)
- Penalty Amount
- FCFA 408 Mn (Rs. 6.79 crore)
- Assessment Period
- January 2020 to December 2021
- Issuing Authority
- Directorate of Large Enterprise (DGE), Mali
What was shared
KEC International informed the exchanges that its branch in Mali received an Assessment Order from the Directorate of Large Enterprise (DGE), Mali. The communication was received by authorised officers on September 29, 2026.
The amounts involved
- Tax amount: FCFA 367 Mn (equivalent to Rs. 6.10 crore)
- Penalties: FCFA 408 Mn (equivalent to Rs. 6.79 crore)
- Conversion used: FCFA/INR = 0.1664 on September 29, 2026, from Oanda
- Period covered by the order: January 2020 to December 2021
The alleged issue
The order has been passed by allegedly taxing offshore supplies applying an ad-hoc margin, and by rejecting the Ministerial Decree that exempted the project from taxes.
Company's response
The Company is perusing the order and will seek appropriate legal remedies in order to contest the demand. It states it has been advised that the demand is not correct, and accordingly does not foresee any material financial impact on account of the order.
How to read this
This is a regulatory/tax action disclosed under Regulation 30. The amounts are modest relative to a large infrastructure EPC company, and the Company has signalled it will contest the demand rather than accept it. Investors may watch for updates on the appeal process and any revision to the demand.
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More numbers
- Penalty imposed (FCFA)FCFA 408 Mn
- Penalty imposed (INR)Rs. 6.79 crore
- Tax amount (FCFA)FCFA 367 Mn
- Tax amount (INR)Rs.6.10 crore
- FCFA/INR conversion rate used0.1664
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