Finnish tax authority's Assessment Adjustment Board has largely accepted Metso's
appeal of the reassessment decision it received
Finnish tax authority's Assessment Adjustment Board has largely accepted Metso's appeal of the reassessment decision it received
Metso Corporation, Stock exchange release, Insider information, on May 3, 2019, at 09:00 a.m. EEST
The Assessment Adjustment Board of the Finnish tax authority has issued its decision regarding Metso's appeal related to a reassessment decision resulting from a tax audit of its subsidiary Metso Minerals Oy concerning tax years 2011-2016. On December 15, 2017, the Finnish tax authority requested Metso Minerals to pay additional taxes, late payment interest and penalties totaling EUR 21 million. The decision concerned the transactions between Metso Minerals Oy and its foreign subsidiaries. Metso appealed the decision and recognized an income tax liability in the full amount of EUR 21 million in the financial statements and result of year 2017. The amount was paid in early 2018.
In its decision made on February 26, 2019, the Assessment Adjustment Board has largely accepted Metso's appeal and has ruled that the company receive a refund of about EUR 14 million.
The tax ombudsman had the opportunity to appeal the Assessment Adjustment Board's decision, but since the decision was not appealed, the Assessment Adjustment Board's decision remains effective. As a result of the decision, Metso will recognize a EUR 14 million tax gain in its second-quarter 2019 result, and the money refunded by the tax authority will be recognized in the same quarter cash flow.
For further information, please contact:
Jarno Siivola,Vice President, Tax, Metso Corporation, +358 50 4681856, email: email@example.com
Metso is a world-leading industrial company offering equipment and services for the sustainable processing and flow of natural resources in the mining, aggregates, recycling and process industries. With our unique knowledge and innovative solutions, we help our customers improve their operational efficiency, reduce risks and increase profitability. Metso is listed on the Nasdaq Helsinki in Finland and had sales of about EUR 3.2 billion in 2018. Metso employs over 13,000 people in more than 50 countries.