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Provider: Reuters Investment Profile
Provider: Directors Deals Ltd.
Provider: Wright Reports
Provider: Directors Deals Ltd.

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Finland’s Board of Adjustment Rejects Uponor's Tax Appeal for Years 2005-2009

Tuesday, 14 May 2013 04:49am EDT 

Uponor Oyj announced that the Board of Adjustment of the Finnish Tax Authorities has decided to keep in force the earlier decision of the Tax Authority, requiring Uponor Business Solutions Oy to pay EUR 14.4 million in back taxes and penalties in the case concerning the market-based transfer pricing of Uponor's internal service charges. The Board of Adjustment made its decision on April 9, 2013. Late fees and tax increases accounted for EUR 5.0 million of the sum. These were entered as costs in the financial statements for the year 2011. The additional taxes of EUR 9.4 million paid due to higher taxable income were booked as receivables in the balance sheet. Uponor stated that it holds to its earlier view that its operations have been aligned with the current legislation and, within its internal operations, the Company has observed the principles of market-based pricing. Uponor plans to place the issue before the administrative court and apply for a rectification of the Board of Adjustment’s ruling, as well as seeking a counter-rectification of taxable income in countries where the Company should, according to the Board of Adjustment, have charged service fees. In February 2012, Uponor also lodged an appeal on a EUR 0.5 million transfer price issue concerning its parent company Uponor Corporation. This matter is ongoing. 

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