Latest news with #taxdispute
Yahoo
5 days ago
- Business
- Yahoo
Credicorp Ltd.: Credicorp Ltd. Updates on Tax Dispute with SUNAT
The Amount Demanded by SUNAT Resolutions Has Been Cancelled; Credicorp Challenging through Legal Channels to Defend Rule of Law Lima, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Lima, Peru – August 14, 2025 – Credicorp Ltd. ('Credicorp' or 'the Company') (NYSE: BAP | BVL: BAP), the leading financial services holding company in Peru with a presence in Chile, Colombia, Bolivia, and Panama, today provided an update regarding the tax dispute disclosed on June 30, 2025. The Company announced that the total amount of the Tax Assessment Resolutions and Fine Resolutions issued by the Peruvian Tax Authority (Superintendencia Nacional de Aduanas y de Administración Tributaria – SUNAT) on June 27, 2025, totaling approximately S/ 1.6 billion soles, has been cancelled. This update does not alter the Company's position regarding the merits of the case and resolves any potential misperception of outstanding obligations to the Peruvian State. Grupo Credito has reaffirmed its decision to exercise all legal rights available to challenge the Resolutions. While the Company remains confident in a favorable outcome and continues to assess the contingency as remote, no expense provisions have been deemed necessary. Credicorp reiterates its commitment to full regulatory and tax compliance, and to safeguarding the interests of its employees, clients, and shareholders. About Credicorp: Credicorp (NYSE: BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia, Bolivia, and Panama. Credicorp has a diversified business portfolio organized into four lines of business: Universal Banking, through Banco de Crédito del Peru ('BCP') and Banco de Crédito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Management & Advisory, through Credicorp Capital, Wealth Management at BCP and ASB Bank Corp. For further information please contact the IR team: investorrelations@ Investor Relations Credicorp in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBC
31-07-2025
- Business
- CBC
Federal appeal court rules in favour of Cold Lake in fighter base tax dispute
The City of Cold Lake may be in line to receive a hefty payout from the federal government after the Federal Court of Appeal found that a former minister was "unreasonable" in a decision that the city says undervalued Canada's busiest fighter base. For more than 10 years, Cold Lake has contended that the federal government has been undervaluing 4 Wing Cold Lake, effectively shorting the city's tax bill by $1.1 million to $1.8 million annually. The city said from 2013 to 2021, short payments totalled almost $14 million, and the community's taxpayers have had to cover the difference. Last week, the Federal Court of Appeal issued a judgment in favour of Cold Lake. The court has now directed that the minister of Public Services and Procurement Canada reconsider the earlier position in light of the court's interpretation of the Payment in Lieu of Taxes (PILT) Act. "It's been an interesting journey," said Mayor Craig Copeland told CBC about the appeal ruling, which was made on July 23 and found the minister's decision unreasonable. "I really appreciate council [and] administration sticking to their guns over the years and every new council that came on board, we've championed this, that we feel that it's not right." Valuation Multiple ministers handled the PILT dispute with Cold Lake, including Anita Anand and Helena Jaczek. The program sees the government make a payment in lieu of tax as set out by the PILT Act. It is supposed to be the same as what would've been paid in property tax, had the federal property been taxable In February 2022, the Cold Lake PILT matter went before a dispute advisory panel, which was tasked with providing advice to the minister regarding the valuations and payments at issue. Differing advice emerged from the panel. A majority of the panel put forward a recommendation that the valuation of the base exclude water and sewer mains, while a minority advised that the valuation should not ignore any positive impact on the value of the land from the water and sewer mains. The minister at the time, who was Jaczek, issued a decision in November 2022 that agreed with the majority opinion of the panel, that the water and sewer mains should be excluded for all purposes. This is the decision the Federal Court of Appeal found was unreasonable. It noted that the minister failed to meaningfully account for the central concerns raised by the city, and disregarded an earlier panel that concluded the opposite. National implications The Federation of Canadian Municipalities, which represents municipalities across Canada, intervened at the Federal Court of Appeal on the side of the City of Cold Lake. The federation would not comment when asked by CBC, further stating, "We recognize the importance of this decision and are taking the time to evaluate it thoroughly before commenting." Copeland said the decision has significant implications for municipalities across Canada. "This has huge implications to communities like Edmonton. Like all you gotta do is sort of look at a community and the federal properties in your community. So certainly in Ottawa, Halifax, Montreal, it's huge," Copeland said. "The federal government owns a lot of property, which is great, they need to contribute to the tax base, like every person does, and we shouldn't be making special carve outs, and we just want everybody to contribute to running a municipality in a fair, equitable way and I think that's what the judges saw here in this case." University of Alberta Prof. Andy Knight specializes in researching Canadian defence and foreign policy and said it's is an important case given 4 Wing is Canada's busiest fighter base. "For the city of Cold Lake, where nearly one-third of the land falls on the federal ownership, I think this is really a game changer for the city," Knight said. "[The base] isn't just a strategically important area of Canada, but it's also an economic anchor for the region, and I think to properly assess what the valuation of that property is, this goes a long way in making sure that there's accountability by the federal government for treating that area fairly. And the court simply reaffirmed that principle." Public Services and Procurement Canada said it is reviewing the court's ruling and is unable to comment at this time. The Canadian government is now tasked with making a new decision based on the finding of the Federal Court of Appeal or make an application to the Supreme Court of Canada.
Reuters
13-07-2025
- Automotive
- Reuters
Ferrari Chair John Elkann settles inheritance tax dispute in Italy
MILAN, July 13 (Reuters) - Stellantis ( opens new tab and Ferrari ( opens new tab Chairman John Elkann and his siblings Lapo and Ginevra have settled a tax dispute in Italy over the inheritance of their grandmother Marella Caracciolo, a spokesperson for the three brothers said on Sunday. The case, opened last year, alleged that the three did not pay taxes in the country on assets they inherited after the death in 2019 of Marella Caracciolo, the wife of late Fiat boss Gianni Agnelli. The spokesperson said John, Lapo and Ginevra, "with the aim of rapidly and definitively closing a painful personal and family vicissitude", had reached a "comprehensive settlement" with the Italian tax agency. "This settlement was concluded without any admission, not even tacit or partial, of the grounds of the objections initially alleged," the spokesman said, adding discussions were also under way with prosecutors in the city of Turin, Northern Italy, who launched the investigation, although their outcome was not yet defined. Italian daily Il Fatto Quotidiano, which initially reported the news on Sunday, said the Elkanns would pay at least 175 million euros ($205 million) to settle the tax dispute. Italy's Revenue Agency did not respond to a request for comment sent by Reuters. The case stems from a wider inheritance dispute between the Elkanns and their mother Margherita over the estate of Gianni Agnelli, which has divided one of Italy's best known business dynasties. As part of this case, a judge in Turin last year seized money and assets worth almost 75 million euros from five people, including John, Lapo and Ginevra Elkann. ($1 = 0.8555 euros)
Yahoo
13-07-2025
- Automotive
- Yahoo
Ferrari Chair John Elkann settles inheritance tax dispute in Italy
MILAN (Reuters) -Stellantis and Ferrari Chairman John Elkann and his siblings Lapo and Ginevra have settled a tax dispute in Italy over the inheritance of their grandmother Marella Caracciolo, a spokesperson for the three brothers said on Sunday. The case, opened last year, alleged that the three did not pay taxes in the country on assets they inherited after the death in 2019 of Marella Caracciolo, the wife of late Fiat boss Gianni Agnelli. The spokesperson said John, Lapo and Ginevra, "with the aim of rapidly and definitively closing a painful personal and family vicissitude", had reached a "comprehensive settlement" with the Italian tax agency. "This settlement was concluded without any admission, not even tacit or partial, of the grounds of the objections initially alleged," the spokesman said, adding discussions were also under way with prosecutors in the city of Turin, Northern Italy, who launched the investigation, although their outcome was not yet defined. Italian daily Il Fatto Quotidiano, which initially reported the news on Sunday, said the Elkanns would pay at least 175 million euros ($205 million) to settle the tax dispute. Italy's Revenue Agency did not respond to a request for comment sent by Reuters. The case stems from a wider inheritance dispute between the Elkanns and their mother Margherita over the estate of Gianni Agnelli, which has divided one of Italy's best known business dynasties. As part of this case, a judge in Turin last year seized money and assets worth almost 75 million euros from five people, including John, Lapo and Ginevra Elkann. ($1 = 0.8555 euros) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Free Malaysia Today
04-07-2025
- Business
- Free Malaysia Today
TNB's share price falls after Federal Court decision on LHDN case
The dispute arose when the Inland Revenue Board disallowed Tenaga Nasional Bhd's claim that the generation, distribution and transmission of electricity was not manufacturing of electricity. PETALING JAYA : Tenaga Nasional Bhd's shares plunged a day after the Federal Court overturned a ruling in the largest corporate tax dispute in the country's history, resulting in losses of over RM3 billion in its market capitalisation. TNB's shares fell as much as 74 sen, or over 5%, to its lowest level since June 3, The Edge reported. The counter closed at RM14.02. Yesterday, the apex court overturned a Court of Appeal ruling that found the national utility company to be in the business of manufacturing electricity. The Federal Court said TNB should actually have been considered a utility company under Schedule 7B of the Income Tax Act 1967 (ITA). The dispute arose when the Inland Revenue Board (LHDN) disallowed TNB's claim under Schedule 7A of the ITA on the basis that the generation, distribution and transmission of electricity was not manufacturing of electricity. TNB had also argued that it was only a service provider. In 2022, the High Court allowed TNB's judicial review application to set aside LHDN's RM1.8 billion tax assessment for the year 2018. Two years later, the Court of Appeal upheld the High Court's ruling. TNB has already paid the sum. Today, analysts told The Edge about the possibility of hefty provisions and potential implications for the company's other outstanding court cases. The Edge quoted CIMB Securities as expressing concerns that the case might set a legal precedent for TNB's other pending court cases for notices of additional assessment from LHDN.
