Press release: Orange contests the measures taken by the PNF concerning a VAT allocation dispute for 2017-2019
November 15 2024 - 11:04AM
UK Regulatory
Press release: Orange contests the measures taken by the PNF
concerning a VAT allocation dispute for 2017-2019
Press release
Paris, 15 November 2024
Orange contests the measures taken by the PNF concerning
a VAT allocation dispute for 2017-2019
As part of an ongoing dispute with the tax administration, the
National Financial Prosecutor's Office (PNF) is looking into the
VAT rates applied to certain promotional offers marketed by Orange
mainly between 2017 and 2019. The Group firmly contests the
measures taken to recover additional tax payments and the alleged
infractions levied against it.
In this context, on 7 October 2024, the authority ordered the
seizure of 312 million euros. This amount has been deposited with
the French public financial institution Caisse des dépôts et
consignations and will remain unavailable to Orange during the
procedure. These amounts will be recorded in a specific account on
Orange's balance sheet and will appear as such in its financial
statements as of 31 December 2024. This seizure does not call into
question the Group's financial guidance.
Orange appealed this seizure. Given that the Group contests all
additional payments linked to this tax readjustment, this procedure
does not change the assessment of risk described in the Group’s
2023 Universal Registration Document (URD).
Neither Orange's financial situation nor its reputation
justifies such a measure. Orange is one of the leading
telecommunications operators in the world with, as of 30 June 2024,
a consolidated total balance sheet of 104.4 billion euros, and a
cash position of 17.4 billion euros for telecom activities. In
addition, Orange is listed on the Euronext Paris stock exchange
(symbol: ORA) and the French state holds 22.95% of its share
capital.
Independently, during this preliminary investigation phase,
Orange is fully cooperating with the PNF to determine the
documentary scope of the investigations.
About Orange
Orange is one of the world’s leading telecommunications operators
with revenues of 39.7 billion euros in 2023 and 128,000 employees
worldwide at 30 September 2024, including 71,000 employees in
France. The Group has a total customer base of 292 million
customers worldwide at 30 September 2024, including 253 million
mobile customers and 22 million fixed broadband customers. These
figures have been restated to account for the deconsolidation of
certain activities in Spain following the creation of
MASORANGE. The Group is present in 26 countries (including
non-consolidated countries).
Orange is also a leading provider of global IT and
telecommunication services to multinational companies under the
brand Orange Business. In February 2023, the Group presented its
strategic plan "Lead the Future", built on a new business model and
guided by responsibility and efficiency. "Lead the Future"
capitalizes on network excellence to reinforce Orange's leadership
in service quality.
Orange is listed on Euronext Paris (symbol ORA).
For more information on the internet and on your mobile:
www.orange.com, www.orange-business.com and the Orange News app or
to follow us on X: @orangegrouppr.
Orange and any other Orange product or service names included
in this material are trademarks of Orange or Orange Brand Services
Limited.
Press contacts:
Tom Wright ; tom.wright@orange.com
- PR_Orange_redressement_VAT_EN_15112024_def
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