(Alliance News) - Portobello Spa on Monday disclosed that it has signed an agreement in adhesion with the Internal Revenue Service aimed at settling out-of-court the objections made regarding VAT and direct taxes in relation to the tax periods from 2017 to 2020 and arising from a tax audit conducted by the Milan-based agency that ended with a tax audit report that was disclosed in the company's annual financial statements as of Dec. 31, 2022.

Under the terms of this agreement, the company will have to pay an amount of EUR6.8 million in VAT as well as an additional amount of EUR3.6 million for residual taxes, penalties and interest.

The company will pay an amount of EUR5.5 million by August 31 while the balance of EUR4.9 million will be paid half of the amount by December 31 and the remainder by March 2024.

At the same time, the company initiated an application to the Milan Public Prosecutor's Office for the full release of its current accounts and made it known that it believes these payments will not have a material effect on its operations and its business and growth strategy.

Portobello on Monday closed 6.6 percent in the red at EUR12.80 per share.

By Claudia Cavaliere, Alliance News reporter

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