Swedish retailer ICA, in which Dutch giant Ahold owns a majority stake, plans to appeal against a SEK1.2bn (US$173.8m) tax ruling.

ICA said today (10 December) that a court had supported a decision from the Swedish Tax Agency to deny the retailer interest deductions of around SEK3.5bn.

ICA’s tax claim amounts to SEK1.2bn and the company said it would be appealing to the Administrative Court of Appeal.

“The County Administrative Court’s decision is naturally a disappointment to us,” said ICA’s general counsel Per Behm. “We and our legal advisors believe that we have complied with current laws.”