Eurocastle Provides An Update On The Legacy German Tax Matter
07 November 2023 - 6:00PM
UK Regulatory
TIDMECT
EUROCASTLE INVESTMENT LIMITED
Contact:
Oak Fund Services (Guernsey) Limited
Company Administrator
Attn: Hannah Crocker
Tel: +44 1481 723450
Eurocastle Provides an Update on the Legacy German Tax
Matter
Guernsey, 7 November 2023 -- Eurocastle Investment Limited
(Euronext Amsterdam: ECT) ("Eurocastle" or the "Company") today
announces that it has received the final audit report from the
German tax authorities for the period 2008 to 2012 following an
appeal by the Company against additional tax assessed in relation
to a German property subsidiary.
Prior to the appeal, the Company estimated its total exposure to
the tax matter, which relates to the period 2008 -- 2015, at up to
EUR6.5 million. To date, the Company has paid EUR4.8 million in
respect of 2008 -- 2012, while the years 2013 -- 2015 remain
subject to ongoing tax audits. After filing an appeal with the
German tax authorities, the Company received a partial
reimbursement in July 2023 and now estimates its total maximum
potential liability to be EUR5.6 million.
Eurocastle has paid all additional tax assessed to date to avoid
interest charges and reserved for the estimated additional
potential liability in respect of the 2013-2015 audit.
However, the Company continues to believe that none of the
additional tax assessed or reserved for is due. While it plans to
continue to hold reserves until the matter is finally resolved,
Eurocastle intends to pursue all available legal means to appeal
the findings of the German tax authorities and to be reimbursed
(with accrued interest) all amounts paid in connection with these
tax audits.
ABOUT EUROCASTLE
Eurocastle Investment Limited ("Eurocastle" or the "Company") is
a publicly traded closed-ended investment company. On 18 November
2019, the Company announced a plan to realise the majority of its
assets with the aim of accelerating the return of value to
shareholders. On 8 July 2022, the Company announced the relaunch of
its investment activity and is currently in the early stages of
pursuing its new strategy by initially focusing on opportunistic
real estate in Greece with a plan to expand across Southern Europe.
For more information regarding Eurocastle Investment Limited and to
be added to our email distribution list, please visit
www.eurocastleinv.com.
(END) Dow Jones Newswires
November 07, 2023 02:00 ET (07:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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