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Innophos Holdings, Inc.
Innophos Holdings Obtains Favorable Mexican Court Decision on Water Taxes
September 21st, 2008
Innophos Holdings, Inc. (NASDAQ:IPHS) announced its subsidiary, Innophos Fosfatados, received a favorable decision from the Mexican Court of Fiscal & Administrative Justice concerning a water tax rate issue with a Mexican governmental agency. The unanimous decision of the court rendered on an appeal by Fosfatados overturns resolutions of the Mexican National Waters Commission (CNA) seeking to impose higher tax rates on fresh water consumed at the company's Coatzacoalcos, Veracruz Mexico plant from 1998 through 2002. If sustained, the CNA fresh water resolutions could have amounted to a potential liability of up to $33.0 million for Fosfatados. The basis of the decision also appears to...
Source: Pharma Investments, Ventures & Law Weekly (2008-09-21)
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