Swedish Tax Agency reaches decision on interest deductions
Swedish Tax Agency reaches decision on interest deductions
Solna 17 December, 2008
ICA today announced it will contest a ruling by the Swedish Tax Agency to disallow interest deductions of SEK 3,158 million made for 2004-2007. As a result of the ruling, the Swedish Tax Agency has issued a tax assessment of SEK 1,011 million, which includes related penalties.
"ICA follows all applicable tax rules and provisions. In our opinion, the interest deductions made were fully in compliance with tax regulations," said Per Behm, General Counsel for ICA AB.
ICA will appeal to the County Administrative Court.
For further information, please contact: ICA press office, +46 (0)70-253 66 60
----------------------------------------------------------------------------------------------------- About ICA The ICA Group (ICA AB) is one of the Nordic regions leading retail companies, with around 2,230 of its own and retailer-owned stores in Sweden, Norway and the Baltic states. The Group includes the retail companies ICA Sverige, ICA Norge and Rimi Baltic. ICA also offers financial services to Swedish customers through ICA Banken. ICA AB is a joint venture 40% owned by Hakon Invest AB and 60% by Royal Ahold N.V. of the Netherlands. According to a shareholder agreement, Royal Ahold and Hakon Invest jointly share a controlling influence over ICA AB. Through Royal Ahold, ICA AB is part of an international retail network. For more information, please visit http://www.ica.se