The Finnish Tax Administration gave its decision concerning Uponor Business Solutions Oy’s tax case
Uponor Corporation Stock exchange release 29 August 2018 15:45 EET
On 13 September 2017, The Supreme Administrative Court gave its decisions concerning Uponor’s appeals that the company has submitted in January 2016. In the decision, the reassessment of the amount of the arm’s length principle of Uponor Business Solutions Oy’s service fees charged during 2006-2009 was returned to the Finnish Tax Administration.
The Finnish Tax Administration has today given its decision. According to the reassessment of the Finnish Tax Administration, no taxable income will be added to Uponor Business Solutions Oy, because the company’s original pricing model did not include material deviation from the arm’s length principle.
Due to the Finnish Tax Administration’s decision, taxes, surtaxes and delay interests, recorded by Uponor in 2011, in total approximately EUR 11.4 million as well as statutory interests will be returned to the company. The decision impacts only on Uponor’s cash flow presumably in the third quarter of the year.
Uponor has earlier issued stock exchange releases on this matter, latest on 13 September 2017.
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Uponor in brief
The year 2018 marks Uponor's 100-year anniversary. Our success is built on strong partnerships with our customers and stakeholders in the past, present and future.
Uponor is a leading international systems and solutions provider for safe drinking water delivery, energy-efficient radiant heating and cooling and reliable infrastructure. The company serves a variety of building markets including residential, commercial, industrial and civil engineering. Uponor employs about 4,000 employees in 30 countries, mainly in Europe and North America. In 2017, Uponor's net sales totalled nearly €1.2 billion. Uponor is based in Finland and listed on Nasdaq Helsinki. Uponor builds on you - www.uponor.com