March 19, 2018 / 7:57 AM / 9 months ago

BRIEF-Telit Communications ‍Announces Update On Italian VAT Appeal​

March 19 (Reuters) - Telit Communications Plc:

* ‍UPDATE ON ONGOING LEGAL MATTERS WITH REGARD TO HISTORICAL VAT ASSESSMENTS IN ITALY​

* ‍IN ITALY, MERITS OF A TAX ASSESSMENT AND CERTAIN ASSOCIATED PENALTIES ARE ADDRESSED SEPARATELY FROM EACH OTHER​

* ‍TELIT INTENDS TO DEFEND ITS POSITION THAT VAT ASSESSMENTS SHOULD BE ANNULLED​

* ‍ITALIAN TAX AUTHORITIES ISSUED PENALTY DEEDS AGAINST TELIT IN AUGUST 2015​

* ‍INFORMED THAT FIRST LEVEL TAX COURT IN ITALY HAS REJECTED APPEALS FILED BY TELIT AGAINST THESE PENALTY DEEDS​

* TELIT COMMUNICATIONS - ‍INTENDS TO APPEAL AND TO VIGOROUSLY DEFEND ITS POSITION AND HAS BEEN ADVISED THAT ITS POSITION IN THIS MATTER REMAINS STRONG​

* ‍AGGREGATE VALUE OF PENALTY DEEDS REMAINS APPROXIMATELY EUR 5 MILLION​ Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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