Board of Adjustment annulled most of additional taxes imposed on Stockmann for the years 2009–2011
STOCKMANN plc, Inside Information 3.10.2017 at 9:30 EET
The Board of Adjustment has reached its decision on Stockmann’s claim for rectification relating to the Finnish Tax Administration’s decision on additional taxes for the years 2009–2011. According to the earlier decision, published on 13 January 2016, Stockmann would have been required to pay EUR 10.3 million in additional taxes and related interest. The Board of Adjustment annulled EUR 7.7 million of the additional tax imposed on Stockmann. Consequently, the additional tax will be EUR 2.6 million.
The decisions are related to a tax audit which examined transfer pricing and the market basis of interest rates in the Stockmann Group’s internal financing between Finland and Russia during 2009-2011. Stockmann considered the Tax Administration’s reassessment decision to be unfounded and appealed against it.
The additional taxes were booked in full in the financial statements and result for 2015. In line with the Board of Adjustment’s decision, Stockmann will return EUR 7.7 million to its third quarter income statement in 2017. The time for appeal is 60 days from receiving the decision.
The processing of appeals regarding Stockmann’s additional taxes in Sweden is still ongoing.
Kai Laitinen, CFO, tel. +358 9 121 5800