Kering Settles With Italian Tax Office for $1.4 Billion
09 Mai 2019 - 6:24PM
Dow Jones News
By Donato Paolo Mancini
French luxury company Kering SA (KER.FR), owner of Gucci and
Balenciaga, has settled a tax claim with the Italian revenue agency
for a total of 1.25 billion euros ($1.40 billion), it said
Thursday.
The tax claim relates to its Swiss subsidiary Luxury Goods
International SA, said Kering, and was settled in a collaborative
spirit.
Kering will pay EUR897 million in additional taxes along with
extra penalties, for a total of EUR1.25 billion.
The move will impact Kering's consolidated financial statements
in 2019, the company added, with an additional tax charge of EUR600
million in the income statement and of EUR1.25 billion in the cash
flow statement.
Write to Donato Paolo Mancini at
donatopaolo.mancini@dowjones.com; @donatopmancini
(END) Dow Jones Newswires
May 09, 2019 12:09 ET (16:09 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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