Versatel Telecom International N.V. ("Versatel") today announces that it has learned that the First Chamber has passed bill number 29 686, regarding the abolishment of Article 12 of the Dutch Corporate Income Tax Act 1969 (Vpb).

Under this bill, to the extent that ‘Article 12 profit’ exceeded the tax losses, a retroactive exemption can be granted upon request, but under strict conditions. As a result of Versatel’s conservative accounting approach, it believes this bill will have a positive net effect on its balance sheet. Versatel is currently studying the exact financial and economic consequences, but believes that this will result in the removal of the deferred tax liability related to its financial restructuring completed in 2002.

Versatel Telecom International N.V. (Euronext: VRSA).Versatel, based in Amsterdam, is a competitive communications network operator and a leading alternative to the former monopoly telecommunications carriers in its target market of the Benelux and Germany. Founded in October 1995, the Company holds full telecommunication licenses in The Netherlands, Belgium and Germany and has over 1 million customers and approximately 2,000 employees. Versatel operates a facilities-based local access broadband network that uses the latest network technologies to provide business customers with high bandwidth voice, data and Internet services. Versatel is a publicly traded company on Euronext Amsterdam under the symbol "VRSA". News and information are available at http://www.versatel.com.

The Versatel logo is a registered trademark in The Netherlands, Belgium, Luxembourg, Germany and several other European countries.
Bron : Versatel