Kering close to 1.3-1.4 billion euros deal with Italian tax authorities

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KERING CLOSES $ 1.3-1.4 BILLION AGREEMENT WITH THE ITALIAN FISC

by Emilio Parodi

MILAN (Reuters) – Kering is close to an agreement for a payment from 1.3 to 1.4 billion euros to the Italian authorities to amicably resolve a tax dispute against its Gucci brand, three sources aware of the file told Reuters.

The agreement between the French luxury group and the Italian authorities should be signed at a meeting on 2 May, according to which one of the sources had direct access to the file.

It would be the largest tax-friendly agreement ever signed in Italy.

Kering, who always claimed to comply with tax regulations, had disputed the results of the investigation by the Italian authorities at the beginning of the year, claiming € 1.4 billion in unpaid taxes.

The friendly agreement allows Kering to evade the payment of default interest and penalties on the amounts requested, a judicial source stated that it would increase the account by about 500 million euros.

No comments were immediately available from the Gucci owner and the Italian tax authorities.

In April 2018, the managing director of Kering, François-Henri Pinault, said he was "very calm about the regularity of the group's operations" and that his governance "was aimed at full compliance with the tax regulations currently in force. force (its) countries of exploitation ".

Most suspicions of tax evasion concerned the Swiss subsidiary of Kering, Luxury Good International (LGI) and Gucci, whose offices in Milan and Florence were searched by police at the end of the year. the year 2017.

In November 2018, the Milan Public Prosecutor's Office closed the investigation into an alleged tax evasion of over one billion euros from Gucci between 2010 and 2016.

He had therefore estimated that the invoices published through LGI should have been taxed in Italy and not in Switzerland.

The managing director of Gucci Marco Bizzarri and the former head Patrizio Di Marco were also investigated in this case.

(Marc Joanny and Pascale Denis for the French service, edited by Dominique Rodriguez)

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