ICA is to fight a Swedish tax ruling that claims the Scandinavian retail group owes some SEK709m (US$100m).
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The retailer, in which Dutch retail giant Ahold holds a 60% stake, said today (15 June) it will appeal the claim from the Swedish Tax Agency.
The agency has denied a claim for deductions on the interest incurred on borrowings by an Irish subsidiary of ICA. The Irish subsidiary was wound up four years ago.
Per Behm, ICA AB’s chief legal counsel, said: “We feel that ICA has followed applicable tax rules and regulations and that the interest deductions we have claimed have been handled correctly from a tax standpoint.
“Prior to the financing from the Irish subsidiary, outside attorneys and tax advisers made thorough analyses to ensure we would not violate any laws.”
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