Kering agrees Italian tax settlement
10/05/2019
Authorities in Italy had accused Gucci of evading taxes on more than €1 billion in revenues between 2011 and 2017. Prosecutors argued that these taxes should have been paid in Italy, rather than in Switzerland, where Luxury Goods International is based.
In a statement, Kering said it acknowledged the claims by prosecutors that Gucci had a “permanent establishment” in Italy during this period.
It added that the fine would result in an additional tax charge of €600 million in its financial accounts for 2019.
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