Kalpataru Projects International Limited has received the tax demand order for years 2020, 2021 and 2022 post completion of local tax audit from Ministry of Economy and Finance, Republic of Mali. As per the assessment order, a demand of tax and penalty thereon has been determined mainly on account of considering revenue from supply of goods from India in the tax base of Mali branch, which is not in line with the applicable tax laws, and applying a flat rate of 10% on revenue. During the course of audit, the branch provided relevant submissions along with supporting technical and factual details, however the Authority did not agree on the same.

Authority has passed the final assessment order and issued a final tax demand for years 2020, 2021 and 2022 as under: - Tax liability of CFA 240.86 Million (INR 33.4 million.), along with - penalty of CFA 162.45 Million (INR 22.5 Million). Date of receipt of order: May 16, 2024.