The Supreme Administrative Court decides to abide by the Administrative Court of Appeal’s ruling on tax case in favour of FinnvedenBulten
The Supreme Administrative Court has decided not to grant leave to appeal concerning ruling in the Administrative Court of Appeal on April 11, 2013 regarding repealing of the Swedish tax authority Skatteverket’s (“Skatteverket”) review decision of FinnvedenBulten AB (publ) ("FinnvedenBulten") tax loss carryforwards.
Skatteverket has previously, through review decision, declined FinnvedenBulten carryforwards by partially disallowed the deduction of interest on shareholder loans. FinnvedenBulten has maintained its former position with the support of leading tax experts and appealed to the Administrative Court of Appeal, which in its ruling April 11, 2013 approved FinnvedenBulten’s position and allowed carryforwards by approximately SEK 197 million, of which SEK 123 million remained unutilized as of 30 September 2013, and reimbursement of costs associated with the process of SEK 300,000. The additional deductions are accounted for in the financial statements since the second quarter of 2013.
Skatteverket has appealed and the Supreme Administrative Court announced November 6 decision not to grant leave to appeal. The Administrative Court of Appeal’s ruling is thereby maintained.
For further information, please contact:
Johan Westman, President and CEO, FinnvedenBulten
Tel: + 46 (0)70-520 59 17, e-mail: kamilla.oresvard@finnvedenbulten.com
NB: The information was submitted for publication on November 7, 2013 at 11:15 CET.
FinnvedenBulten develops and manages industrial businesses, offering products, technical solutions and systems in metallic materials. The Group operates as a business partner to international customers in the engineering industry, primarily the automotive industry. FinnvedenBulten is structured into two divisions – Bulten and Finnveden Metal Structures – both with strong positions in their respective customer segments. FinnvedenBulten is listed on NASDAQ OMX Stockholm. Further information at www.finnvedenbulten.com.
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