Rua Levindo Lopes, 258 - Funcionários
Cep: 30.140-170 - Belo Horizonte (MG) - Brazil
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Form 40-F:
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TELEMIG CELULAR PARTICIPAÇÕES S.A.
CNPJ (Federal Revenue Service Registration of Corporate Taxpayers): No
02.558.118/0001 -65
NIRE (State Registration Identification Number) No 3130002535-7
(Publiclyheld Comapany)
MATERIAL FACT
Telemig Celular Participações S.A. (Telemig Participações or the Company) publicly informs its subsidiary company Telemig Celular S.A. (Telemig Celular or the Subsidiary),
after careful evaluation, made by the internal and external legal counsels, of the procedural status of the Writ of Mandamus No 024.98.138.623 -8 originated from 7th Lower Treasury Court of the Judicial District of Belo Horizonte /MG,
currently in phase of Special Appeal No 422.747/MG in procedural progress before the 1st Panel of the Superior Court of Justice (Process), in which is being questioned the assessment of ICMS (sales and services tax) on the
monthly subscription and value-added services, it entered into with the State of Minas Gerais (State) the Term of Adhesion to ICMS Agreement No 72/2006 (integrated by State Decree No 4422/2006 as subsequently amended).
Said Decree and
its modifications authorize the State to grant the partial discharge from the ICMS (tax rate reduction) and its legal additions owed due to the rendering of communication services. As result of the related adhesion, Telemig Celular withdrew the
suit, with the express consent of the State of Minas Gerais that, on the other hand, restored the Subsidiary, in February, 2008, the value of R$251,624,000.00 (two hundred and fifty-one million, six hundred and twenty-four thousand Reais),
equivalent to the difference between the values judicially deposited in the aforementioned suit and the values owed as a result of the application of said Decree. The Subsidiary, as of February, 2008, will start collecting the ICMS over the
subscription and added value services.
As a result of the expounded above, in the financial year of 2008, the subsidiary accrued the entirety of the ICMS over the subscription and additional services in the amount of R$700,005,000.00 (seven hundred million and five thousand Reais), from
which R$448,381,000.00 (four hundred and forty-eight million, and three hundred and eighty-one thousand Reais) in consideration of the deposits in court registered in the long-term liabilities and the R$251,624,000.00 (two hundred and fifty-one
million, six hundred and twenty-four thousand Reais) in the result of the financial year. The effect in the financial result of the Telemig Participações, net of expenditures, income tax, Social Insurance Contribution and other minor
participation, shall totalize R$126,755,000.00 (one hundred and twenty-six million, seven hundred and fifty-five thousand Reais).
Belo Horizonte, February 25th, 2008.
André Machado Mastrobuono
Investors Relations Officer
Telemig Celular Participações S.A.
TELEMIG CELULAR PARTICIPAÇÕES S.A. | ||||
By: | /s/ André Mastrobuono | |||
Name: | André Mastrobuono | |||
Title: | CEO, CFO and Head of Investor Relations |
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.