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© dana rothstein dreamstime.com Electronics Production | January 12, 2016

PKC hit with a hefty tax bill

PKC's tax appeal for the business restructuring carried out in 2009 has been rejected by Finland’s Board of Adjustment.
PKC Group Plc has received a decision from the Board of Adjustment of the Finnish Tax Authorities, according to which PKC Group Plc would be obliged to pay EUR 8.3 million additional taxes, punitive tax increases and interests in the case concerning the Wiring Systems business restructuring carried out in 2009. The company recorded the sum in the financial year 2014 results.

The company and the Finnish tax administration have significantly different views in assessing the nature of the reorganisation and its valuation. PKC Group is of the opinion that it has complied with the tax laws, OECD’s transfer pricing guidelines and tax administration’s guidelines. PKC Group considers the claim to be without foundation and places the issue before the administrative court of Helsinki and apply for a rectification of the Board of Adjustment’s ruling and continuation of interdiction of enforcement of the tax imposed.

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