The company Badel 1862 has had its bank account blocked by the Customs Administration, Customs Office Zagreb, on November 24, based on an enforcement for unpaid special tax on alcohol – excise duty, as stated in a press release from Badel published on the Zagreb Stock Exchange.
This is a continuation of the enforcement of 63 million kuna, under which Badel 1862 paid 32 million kuna during August and September, after which the procedure was suspended. The enforcement was, as stated, continued on November 24 for the remaining debt of 31 million kuna, despite the fact that Badel paid five million kuna in November for its excise duty obligations. Badel notes that they are taking all necessary actions to settle the obligation as soon as possible, but they emphasize that a significant problem is caused by the large discrepancy in payment deadlines.
"We are taking all actions to settle the existing obligation as soon as possible, but the biggest problem in fulfilling the excise duty payment obligations is the extremely large discrepancy in payment deadlines. The legal deadline for excise duty payment is 30 days, while the collection periods for receivables from customers are on average longer than 90 days," states the notice from Badel 1862. Due to this, the Zagreb Stock Exchange has classified Badel 1862’s shares into the observation segment. (H)
