Carrefour's Brazilian Subsidiary Books Provision for Tax Dispute
May 13 2019 - 1:34AM
Dow Jones News
By Cristina Roca
Carrefour SA (CA.FR) said Monday that Atacadao S/A (CRFB3.BR),
its Brazilian subsidiary, is booking a provision for tax disputes
amounting to 815 million Brazilian reais ($205.7 million).
The French supermarket chain said Atacadao decided to book the
provision as a precautionary step following an unfavorable decision
by the Brazilian Supreme Court last Thursday.
"The Supreme Court's decision is subject to appeal and Atacadao
will continue to defend its interests in the context of all ongoing
proceedings," Carrefour said.
The impact to Atacadao's cash flow will depend on these
proceedings, Carrefour said.
Atacadao faces 240 tax disputes in several Brazilian states, its
parent company said.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
May 13, 2019 02:19 ET (06:19 GMT)
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