The Supreme Administrative Court has partly accepted Valmet's appeal of the reassessment decision it received
September 13, 2021
HELSINKI -- The Supreme Administrative Court has partly accepted Valmet's appeal related to the reassessment decision received by Valmet Technologies Inc concerning tax years 2010-2012. The Supreme Administrative Court has ruled in its decision made on September 13, 2021, that the company shall receive a refund of about EUR 4 million for additional taxes, late payment interest and penalties. The decision will have a positive impact of about EUR 4 million on Valmet's third quarter 2021 profit for the period.
Valmet announced on December 22, 2016, that it had received a reassessment decision from the Finnish tax authority for Valmet Technologies Inc and that it will appeal the decision to Board of Adjustment of the Finnish tax authority. The reassessment decision concerned compensation charged by Valmet Technologies Inc from its foreign subsidiaries and based on the decision, Valmet was imposed to pay additional taxes, late payment interest and penalties in total of EUR 19 million.