Frasers Group PLC Settlement of Belgian Tax Matters/COVID-19 (7239K)
April 24 2020 - 1:00AM
UK Regulatory
TIDMFRAS
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been withdrawn for the time being.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 EUR674m 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 T. 0344 245 9200
LEI: 213800JEGHHEAXIJDX34 E. investor.relations@sportsdirect.com
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END
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