Kering will pay a record fine of 1.25 billion euros to the tax authorities Italian

Kering today announced that it has entered into a settlement agreement with the tax authorities in Italian at the end of which he will pay the sum of 1.25 billi

Kering will pay a record fine of 1.25 billion euros to the tax authorities Italian

Kering today announced that it has entered into a settlement agreement with the tax authorities in Italian at the end of which he will pay the sum of 1.25 billion euros in respect of taxes not paid, penalties and interest. The group rule, and a long litigation of tax evasion aimed Gucci, its main profit centre, and the swiss subsidiary of Kering, a Luxury Goods International.

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"the amount of The additional tax payable amounted to 897 million euros, plus penalties and interest," says the luxury group in a press release. "In the first estimate, the agreement is expected to lead in 2019 to a charge to complementary tax of the order of 600 million euros and in cash, by the disbursement of a sum of 1.25 billion euros."

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Updated Date: 10 May 2019, 00:00

Kathleen Lees

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