Paper and hygiene company SCA has now appealed the Tax Agency’s decision on a tax reassessment of SEK 3.3 billion plus 40 percent penalty tax. It is clear from a press release.
“The Swedish tax authorities (Tax Board) has, through a decision on additional assessment presented a claim for taxes and tax penalties of approximately SEK 1,100 million. SCA will appeal decision and believes that the Tax claims will not stand up to a legal challenge, “says the press release.
Earlier in the day announced the Swedish newspaper Svenska Dagbladet that the Group’s Dutch subsidiary of SCA Treasury, through its Stockholm branch attracted interest on Loans from subsidiary SCA Finans.
The Tax Agency believes that the branch is not entitled to deduct the interest on intercompany loans that financed the SCA Treasury stock purchases in the SCA Fiscal 2004. This is because the branch does not have authority over the shares.
The SCA will report the risk as a contingent liability.
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