Tüpra? agrees to pay 55 mln liras in tax demands, fines

Tüpra?, Turkey?s sole oil refiner, said it has reached an agreement with authorities to pay a sum of 55 million Turkish Liras ($22 million), after negotiating on tax demands and related fines totaling 160 million liras.

?A negotiation was held with the Central Reconcilement Commission,? the company said by a written statement to the Public Disclosure Platform (KAP).

 ?An agreement has been reached. Thus, the disagreement and related legal actions have been terminated,? the company said.

The tax investigation began in July 2013, when police and finance ministry inspectors raided the offices of Tüpra? and Aygaz, Turkey?s largest seller of liquefied petroleum gas owned by Koç Holding, and checked their physical inventories.

Meanwhile, Tüpra? has faced official penalties in the past. In 2014, the competition board fined it 412 million liras for abusing its dominant market position in pricing and contracts.