The Finnish Tax Administration’s Adjustment Board has partially approved Kamux’s appeal against the tax reassessment decision received by the company
KAMUX CORPORATION Insider Information 9 June 2020 at 19:00
The Finnish Tax Administration’s Adjustment Board has partially approved Kamux’s appeal against the tax reassessment decision received by the company
The Finnish Tax Administration’s Adjustment Board has issued a decision regarding Kamux’s appeal against the tax reassessment decision from June 15, 2018.
In its decision, the Adjustment Board has partially approved the appeal by Kamux and has ruled that the company receive a refund of approximately EUR 0.9 million.
As a result of the decision, Kamux will recognize a EUR 0.9 million tax gain in its result for the second quarter of 2020.
Both parties have the opportunity to appeal the decision. Kamux considers the decision of the Adjustment Board unfounded, and the company plans to place the issue before the Administrative Court and apply for a rectification of the Board of Adjustment’s ruling.
Background to the decision
The tax reassessment decision was related to a tax audit carried out by the Tax Administration in 2016–2018 concerning Kamux Suomi Oy and the tax years 2012–2016. The main areas of the tax audit were value-added taxes of vehicles imported by third parties and withholding taxes of car couriers. Uusimaa Corporate Tax Office required the company to pay approximately EUR 2.6 million in additional taxes, tax penalties and late payment interests. The company recognized the total tax liability of approximately EUR 2.6 million in full amount in its result for the second quarter of 2018.
Kamux Corporation
For more information:
Marko Lehtonen, CFO
Tel. +358 50 575 2006
Kamux Corporation is a retail chain specializing in the sale of used cars and related integrated services that has grown rapidly. Kamux combines online shopping with an extensive showroom network to provide its customers with a great customer experience anytime, anywhere. In addition to digital channels, the company has total of 75 car showrooms in Finland, Sweden and Germany. Since its founding, the company has sold more than 260,000 used cars, 55,432 of which were sold in 2019. Kamux’s revenue reached EUR 658.5 million in 2019. In 2019, Kamux’s average number of employees was 595 in terms of full-time equivalent employees. The shares of Kamux are listed on the Nasdaq Helsinki stock exchange.
www.kamux.com