Tax analysis: The High Court was required to determine whether Peruvian VAT was ‘payable’ in the context of a tax indemnity contained in a share purchase agreement. It held that the VAT assessed by the Peruvian tax authorities was not ‘payable’ within the tax indemnity’s meaning and would only be ‘payable’ if and to the extent the Peruvian tax court determined that VAT was payable and such debt became ‘coercively’ enforceable in accordance with Peruvian tax law.
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