Tax decision by the Swedish Administrative Court regarding Stockmann’s taxation in 2013-2016
STOCKMANN plc, Stock Exchange Release 6.3.2019 at 17:00 EET
Tax decision by the Swedish Administrative Court regarding Stockmann’s taxation in 2013-2016
The Administrative Court in Gothenburg has ruled against Stockmann related to the Group’s tax assessments in Sweden for the years 2013-2016.
Stockmann will pay the tax and related interests according to the decision. This will have a negative cash flow impact of approx. EUR 20 million in the second quarter of 2019. The decision will have no material impact on income statement as the taxes have been already recognised in the financial statements for the years 2015-2018.
The case concerns the tax deductibility of the Stockmann Group’s internal interest payments after a change in Sweden’s tax legislation at the start of 2013. Stockmann does not agree with the court decision and the Group will investigate possibilities to appeal the decision.
More information in the Financial Statements 2018, note 2.7 and a stock exchange release published on 13 January 2016.
Further information:
Kai Laitinen, CFO, tel. +358 9 121 5800
STOCKMANN plc
Lauri Veijalainen
CEO
Distribution:
Nasdaq Helsinki
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