Carrefour: Tax Litigation in Brazil
CARREFOUR SA S/ADR (CRRFY)
NASDAQ:AMEX Investor Relations:
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Company Research
Source: Business Wire
MASSY, France--(BUSINESS WIRE)-- Regulatory News: For several years, Atacadão S.A. (Grupo Carrefour Brasil), a subsidiary of Carrefour (Paris:CA) in Brazil, has been the subject of 240 tax disputes in several Brazilian states relating to ICMS1 credits on inter-state transfers of "basic products" for a total amount of 815 million Brazilian Reais (including interest), or approximately €183 million2. In the context of ongoing litigation affecting many Brazilian companies, the Supreme Court has been asked to clarify the application over time of a previous decision. Following an unfavorable decision by the Supreme Court on May 9, 2019, Atacadão decided, as a precautionary step, to record a provision for the entire potential risk. The Supreme Court’s decision is subject to appeal and Atacadão will continue to defend its interests in the context of all ongoing proceedings. The
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