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(f/k/a Iniciativas Culturales de España, S.L.), has been subject to ongoing tax audits by the Spanish Taxing Authority (“STA”), resulting in the issuance of final assessments based on the STA’s rejection of the tax deductibility of financial expenses related to certain intercompany acquisitions.
−Removed: Accordingly, we have paid assessments totaling approximately $40.8 million for tax years during the period 2006 to 2015.
−Removed: We have filed various appeals of the assessments, which have been rejected.
−Removed: However, a decision is still pending with respect to the STA’s appeal to the Spanish Supreme Court on these issues, which the Company believes will provide resolution of the relevant issues raised in the Company’s objections to the assessments.
−Removed: The Company does not expect that this matter will have a material effect on its consolidated financial statements.
+Added: Accordingly, we have paid assessments totaling approximately $40.8 million for tax years during the period from 2006 to 2015.
+Added: We filed various appeals of the assessments, which were rejected, and in June 2023, the Spanish Supreme Court ruled in favor of the STA on its appeal regarding these issues.
+Added: As a result, the Company has no further recourse with respect to the related final assessments for tax years 2006 to 2010.
+Added: This ruling does not have a material effect on the Company’s consolidated financial statements.
+Added: In May 2023, we were notified by the STA that an audit of our former Spanish holding company was being initiated in relation to corporate income tax for the period from January 2018 to May 2020 and withholding on account of non-resident income tax for the period from May 2019 to May 2020.
+Added: The Company will continue to work with the STA on this matter and believes that it is in compliance with Spanish tax law.
Mine Safety Disclosures
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.