Tax Authority refunds Syneron overpayment

Sources inform ''Globes'' that the Israel Tax Authority has refunded Syneron Medical Ltd. (Nasdaq: ELOS) NIS 3.4 million for stamp tax overpayments. Incorporated in Israel, the aesthetic surgical equipment maker held its IPO on Nasdaq in August 2004.

In its request for a tax refund, Syneron said that, since going public, it had made a number of stock allocations, which were reported to the Registrar of Companies, and stamp taxes were paid on the reports. Syneron asked for the refund on the basis of the ruling in the Shopping.com case, which stated that there was no need for stamps for registering with the Registrar of Companies stock allocations by a company listed on a foreign stock exchange.

Published by Globes [online], Israel business news - www.globes-online.com - on December 17, 2008

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