Kering: to pay E1.25bn tax settlement in Italy

(CercleFinance.com) - Kering announces that, on Thursday, it reached an agreement with the Italian tax authorities in the proceedings against its Swiss subsidiary Luxury Goods International (LGI).


Under the terms of the agreement, the amount of additional taxes payable reaches 897 million euros, plus penalties and interest, making a total of 1.25 billion euros.

"Based on an initial estimate, this agreement should impact Kering's consolidated financial statements in 2019 with an additional tax charge of around E600 million in the income statement and an outflow of E1,250 million in the cash flow statement."


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