Lunedì, 22 Ottobre 2018

Mediolanum facing 344-million-euro fine from tax authorities


Milan, April 2 - Italian financial-services company
Mediolanum faces a 344-million-euro fine from Italy's tax
authorities, the company said in its full-year results document
which was deposited with Italy's stock exchange on Tuesday.
Mediolanum is controlled by the family of entrepreneur
Ennio Doris and by former premier Sivlio Berlusconi's Fininvest
holding company.
Italy's inland revenue agency is investigating the
investment company's financial transactions with its fully
controlled Irish unit.
In its full-year statements, Mediolanum said that just
before last Christmas the company received notification from
Italy's tax authorities that the accounts of two of its units -
the Mediolanum Banca commercial bank and the Mediolanum Vita
insurer - were being reviewed for the financial years 2005-2007
and that the firm was facing calls for 323.4 million euros in
unpaid taxes and fines.
The final bill could be even higher, as tax police have
examined the company's 2008-09 reports.
According to Italy's tax authorities, Mediolanum's
financial-services activities pay lower royalties to their
Italy-based owners than the average industry-wide, meaning that
the firm has a higher proportion of its income subject to
Ireland's lighter tax take.
The Italian inland revenue agency estimates that overall
some 500 million euros in revenues were kept free from higher
Italian tax rates in the period 2005-07.
In a statement, Mediolanum said the tax authority's
analysis is "illegitimate" and "wrong" as far as regards the
calculation of taxable revenues and "illegitimate" in terms of
the sanctions imposed.
The company said it would submit the matter to European
arbitration procedures on double taxation, which should
determine the appropriate amount of taxes the company is to pay.
Mediolanum also said it disagreed with the finding that it
underreported its royalty-fee structure, saying its calculations
"enter into the range of free-market values determined by
independent economists".

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