Luxottica, which owns the Oakley and Ray-Ban sunglasses brands and
the Sunglass Hut retail chain, reported it took an adjustment to its
fourth quarter net income after Italian authorities determined the
company had underpaid its 2007 tax return by €26.7 million.
"The Group has decided to accept the auditors’ report on their
findings and pay the resulting sums for the year 2007," Luxottica
disclosed Friday in its earnings report for the fourth quarter and full
fiscal year of 2013. "This decision was made knowing that the subject
matter of the dispute is largely subjective and lends itself to
divergent positions that are not easy to resolve in litigation, except
at the cost of long and expensive defense proceedings with an inevitably
uncertain outcome. As a consequence, the Group decided on its own
initiative to prudentially allocate provisions of €40 million for the
following years."
Earlier this week, Safilo Group of Italy disclosed it would
pay Italian tax authorities €21 million over the next four years to
settle a dispute over transfer pricing and other complex international
tax issues revealed by audits of its result sfo 2007 through
2011. Safilo also said it chose to settle the dispute rather than fight
in court over something as subjective as transfer pricing.
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