Dutch court orders British American Tobacco to pay $117 million fine, back taxes
Reuters
Published Dec 15, 2023 16:13
By Toby Sterling and Emma Rumney
AMSTERDAM (Reuters) - A court in the Netherlands on Friday ordered British American Tobacco (LON:BATS) to pay a fine of 107 million euros ($117 million), and said it had under-declared profit by 1.8 billion euros during the 2013-2016 period and will owe tax on that.
The numbers were included in a Dutch North Holland District Court ruling that redacted the name of the organization it applied to, but BAT later confirmed it was the company in question, calling the decision "disappointing".
"By far the largest part of the fines were imposed for an intentionally untrue tax claim for the transfer of company activities to the United Kingdom," the court said in a summary of its judgment.
BAT said it was considering an appeal.
"BAT complies with all applicable tax legislation across all of our operating markets," the company said.
The ruling marks the latest legal charge for BAT this year, after it agreed to pay $635 million to U.S. authorities in April.
A subsidiary of the company pleaded guilty to charges that it conspired to violate U.S. sanctions by selling tobacco products to North Korea and commit bank fraud in 2013-2017.
($1 = 0.9170 euros)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.