Total Energy Services Inc. Receives Judgment on Income Tax Reassessment Appeal
CALGARY, Alberta, Feb. 05, 2024 (GLOBE NEWSWIRE) — Total Energy Services Inc. (TSX:TOT) (“Total” or the “Company”) announces that its appeal of certain Canadian income tax reassessments related to the Company’s conversion from an income trust in 2009 has been dismissed by the Tax Court of Canada.
The Canada Revenue Agency reassessed Total for $16.2 million of income taxes owing, of which $7.1 million was previously remitted by the Company. Total will remit the remaining $9.1 million of reassessed income taxes together with interest as soon as possible and intends to appeal the judgment.
Total Energy provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to energy and other resource industries from operation centers in North America and Australia. The common shares of Total Energy are listed and trade on the TSX under the symbol TOT.
The TSX has neither approved nor disapproved of the information contained herein.