Gruppo Mastrotto clarify tax position

In reference to the release of a statement by the Guardia di Finanza in Vicenza on March 6, 2012 which gave details of a financial audit and tax assessment of Gruppo Mastrotto. The tanning group have announced that it has agreed a tax position with the Italian Revenue Agency. The tax assessment showed figures different that emerged during the survey which are stated to be additional tax liability in the region of €27 million (only partially relating to the industrial group and mostly concerning structures under foreign control) applying to all tax periods assessed. 

During the assessment, specific checks were made by the tax authorities following the possible involvement of the company in what was called, ‘Operation Dirty Leather’ (related to false or fictitious billing addresses) which was also conducted by the Guardia di Finanza. The company’s involvement proved negative, establishing that Gruppo Mastrotto had absolutely no involvement in false billing operations.