The tax authorities are asking Mediolanum, the financial advisory group controlled by the Doris family and Silvio Berlusconi's Fininvest, to pay 344 million euros. Relations with the Irish subsidiary Mediolanum International Funds are being targeted by the Revenue Agency. This is what emerges from the financial statements filed by the company.
Mediolanum replied immediately, defining the tax analysis as "illegitimate" and "incorrect" as regards the calculation of the higher taxable income as well as "illegitimate as regards the sanctions". However, also "due to the complexity of the matter", Doris's group has decided to activate the European arbitration procedure on double taxation and thus refer "the solution of the dispute to the competent Italian and Irish tax authorities" who at this point will have to decide which it is the share of the taxable amount due to the two countries. In any case, supported by the opinion of its consultants, Mediolanum believes that the commission retrocession prices "fall within the range of free market values identified by independent economists". Considering the risk of losing only possible and not quantifiable, no allocations were made in the budget
The group ended 2012 with a net profit of 351 million, up 422% on the previous year's result, the best result in the company's history. The net profit of the domestic market amounted to 348,6 million, +365% compared to the same period of the previous year. Total assets under management and administration amounted to 51.577 million, up 12% compared to 31 December 2011. Following the news, the title it lost 2% in Piazza Affari.
