French luxury group Kering is close to agreeing to pay between 1.3 billion and 1...
MILAN - French luxury group Kering is close to agreeing to pay between 1.3 billion and 1.4 billion euros to settle a dispute with Italian authorities over unpaid taxes by its fashion brand Gucci, three sources told Reuters on Thursday.
An agreement between the French luxury goods group and the Italian tax authority is expected to be signed in the first days of May, said one of the sources, who all have direct knowledge of the matter.Kering, which has consistently denied avoiding tax, saying its activities were fully compliant with all tax obligations, had no immediate comment, while the tax authority could not immediately be reached for comment.
The company’s Swiss-based Luxury Goods International subsidiary has been under investigation for allegedly avoiding tax on earnings generated elsewhere. In November 2018 Milan prosecutors wrapped up their probe into alleged tax evasion of more than 1 billion euros by Gucci for revenues booked in the years between 2010 and 2016.
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