Volvo: Swedish Tax Brd Ups Mack Tax On Internal Pricing Issue
Published: 05 Dec 2008 00:34:55 PSTSTOCKHOLM --The Swedish National Tax Board has announced a review decision in an internal pricing issue to Volvo's American subsidiary Mack.
* Swedish Tax Board review results in increased taxable income for Volvo for the years 2002 and 2003 totaling SEK828M.
* Decision corresponds to tax of SEK232M.
* In addition the Tax Board levied a tax surcharge of SEK83M.
* Volvo will appeal the decision.
* Volvo says internal pricing complies with OECD's guidelines.
* Volvo expects the double taxation will be eliminated through a decision in Swedish courts alternatively in an agreement between the two national governments involved.
* The company is making no reserve allocation in its accounts.
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