It is expected that the sale of the VIL Assets to VATL (the “VIL Asset Sale”) will not create any cash tax liability for VIL in Israel in the tax year of the sale because of the ability to offset the any gain on the transaction against the existing net operating loss (“NOL”) in VIL.
VAT means value added tax in accordance with the provisions of the Value Added Tax ▇▇▇ ▇▇▇▇.
VATA means the Value Added Tax ▇▇▇ ▇▇▇▇;
India means the territory of India and includes the territorial sea and airspace above it, as well as any other maritime zone in which India has sovereign rights, other rights and jurisdiction, according to the Indian law and in accordance with international law, including the U.N. Convention on the Law of the Sea;
Sukuk means a type of Islamic bond that is backed by assets of the issuer that earn profit or rent.
HKEx means Hong Kong Exchanges and Clearing Limited;