TNP Technoplast

RNS Number:9744X
Technoplast Industries Ld
25 April 2004

                                                     R. YOHAY & CO., LAW OFFICES

                                  TOP  TOWER,  50, DIZENGOFF ST., TEL AVIV 64332
     FAX:   525-03 39 83            e-mail: ryohay@ryylaw.com  TEL: 525-03 39 72         


                                                           ROBERT YOHAY
                                                           GILL RIMON
                                                           EYNAT BRETSHNAIDER

Tel Aviv, 25 April 2004



The London Stock Exchange
Company Announcements Section
Fax: 44-207-5886057

Dear Sir,

         RE:             Technoplast Industries Ltd - Immediate report



Technoplast Industries Ltd. (hereinafter: "the Company") has announced to the
Tel Aviv Stock Exchange and to the Israeli Securities Authority, as an immediate
report, that the Company's board of directors resolved to approve the Company's
entering into a settlement with the Israeli income tax authority, a settlement
that shall put an end to the dispute between the Company and the income tax
authority with respect to the Company's tax assessment for the year 1998.



Pursuant to the above settlement, the Company's accrued losses, as declared in
the year 2002, shall be decreased by 22 million NIS and in return, the Company's
tax assessment for the year 1998 shall be deemed final. In addition, the appeal
filed by the Company against the assessment issued to the Company by the income
tax authority with respect to the Company's rateable income for the year 1998
shall be dismissed.



The dispute between the Company and the income tax authority had been initiated
when the tax assessment officer issued an assessment with respect to the
Company's rateable income for the year 1998 amounting (in current terms) to 11.7
million NIS. The Company contested the assessment officer's assessment by filing
an appeal to the district court, however, in order to be on the safe side, the
Company set up, in the year 2000, a provision for taxes in its books in an
amount of 5 million NIS.



Subsequent to the decrease of accrued losses, the Company's accrued losses for
the tax year 2003 amount to 61 million NIS.



The above settlement is to the satisfaction of Kidron Holdings and Management
(1961) Ltd. with respect to the merger agreement between the Company and Kidron
Holdings and Management (1961) Ltd.




                                Yours Sincerely,


                                Gill Rimon, Adv.
                          R. Yohay & Co., Law Offices



                      This information is provided by RNS
            The company news service from the London Stock Exchange
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