REG - Frasers Group PLC - Settlement of Belgian Tax Matters/COVID-19

FrasersAnnouncement

24/04/2020 07:00

RNS Number : 7239K
  
Frasers Group PLC
  
24 April 2020
  
 

Date: 24 April 2020
FRASERS GROUP PLC 
("Frasers Group" or "Company")
 
SETTLEMENT OF BELGIAN TAX MATTERS/COVID-19
Further to its announcement of 30 January 2020, Frasers Group has now successfully resolved all remaining matters referred to in the "proces verbal" together with a number of other historic tax matters by reaching a commercial settlement with the Belgium Tax Authority. No material sums of tax or penalties are due to be paid in Belgium by Frasers Group as a result of the settlement.
 
Frasers Group has taken the commercial decision to settle these matters now given the uncertainty is affecting Frasers Group's banking lines and its suppliers' credit insurance where, due to store closures as a result of the current Covid-19 crisis, Frasers Group understands the majority of new credit insurance cover has been withdrawn for the time being. Frasers Group would also note that it has currently not been accepted as eligible for the Covid Corporate Financing Facility (CCFF).  
 
For the avoidance of doubt, the €674m of disputed VAT including penalties within the "proces verbal" has been fully and finally settled for an immaterial amount.
 
-Ends-



Frasers Group plc
Tom Piper, Company Secretary
LEI: 213800JEGHHEAXIJDX34


 
T. 0344 245 9200
E. investor.relations@sportsdirect.com
 



 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
  END
 
 
FURIJMBTMTTTTLM