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Fabege AB Comments on Administrative Court of Appeal’s Ruling on Ongoing Tax Cases

Monday, 30 Sep 2013 09:30am EDT 

Fabege AB announced that the Administrative Court of Appeal has issued its rulings on a number of Fabege’s tax cases. Collectively, the judgments that were passed relate to about 20% of the combined tax demand. Fabege will now expeditiously analyze the rulings to be able to reach a more thorough assessment of the overall situation, since each individual case involves a different set of circumstances. As soon as this assessment has been completed, the Company will provide more information on how Fabege will be affected by the situation that has arisen. The background is that, as previously announced, the Swedish Tax Agency has decided to increase the taxable income of the current Fabege Group in respect of property sales that were made by limited partnerships. The transactions derive from Tornet, the old Fabege and Wihlborgs during the years 2003–2005. The combined increase in taxable income amounts to SEK 7,763 million and entails an overall tax demand, including miscellaneous charges and fees, of SEK 2,484 million. The Administrative Court of Appeal’s rulings entail that the Swedish Tax Evasion Act is deemed applicable and that the transactions are to be taxed.