Kering: 'confident' about tax investigation in Italy
(CercleFinance.com) - On Friday evening Kering group provided details on the tax investigation that began in Milan in 2017, concerning activities ciuarried out in Italy by its International luxury goods subsidiary.
According to the authorities, this should have resulted in the payment of tax on companies in Italy, which Kering disputes.
"The above-mentioned audit report covers the results for the years 2011 through 2017 and the estimated claimable tax amount pertaining to it corresponds to approximately 1,400 million euros. The audit report will now be reviewed by the Revenue Agency unit in charge of assessing the conclusions of the report which shall then make its final determination. Kering challenges the outcome of the audit report both on the grounds and the amount. Kering is confident about the proceedings currently underway and will continue to fully cooperate in complete transparency with the Italian tax authorities in order to defend all its rights," the company said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
According to the authorities, this should have resulted in the payment of tax on companies in Italy, which Kering disputes.
"The above-mentioned audit report covers the results for the years 2011 through 2017 and the estimated claimable tax amount pertaining to it corresponds to approximately 1,400 million euros. The audit report will now be reviewed by the Revenue Agency unit in charge of assessing the conclusions of the report which shall then make its final determination. Kering challenges the outcome of the audit report both on the grounds and the amount. Kering is confident about the proceedings currently underway and will continue to fully cooperate in complete transparency with the Italian tax authorities in order to defend all its rights," the company said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.