The company has announced that it will resolve a dispute with the Revenue for the tax periods from 2001 to 2013. The problems related to transfer pricing between group companies. Number one, Giuliani: "Satisfied, let's get out of any uncertainty".
Black morning, so far, for the Azimut stock, which yields more than 4% to Piazza Affari, signaling itself as the worst stock on the Italian list, which in the same minutes travels in negative territory.
The announcement, which arrived over the weekend, of an agreement reached with the tax authorities, under which Azimut will have to pay 117,8 million euros in taxes, fines and legal interests, to define any dispute deriving from the report of findings notified between 2010 and 2013.
The payment relates to the tax periods from 2001 to 2013, and is mainly determined by the review of the criteria used in determining the transfer prices in the intercompany relationships between the various companies in the asset management group. The impact on the income statement for Azimut should be 80 million and the cash out 92 million (thanks to some provisions). The payment clearly risks having a negative impact on the 2014 dividend.
