Carrefour's Brazilian Subsidiary Books Provision for Tax Dispute

Date : 05/13/2019 @ 7:34AM
Source : Dow Jones News
Stock : Carrefour Br ON (CRFB3)
Quote : 21.84  -0.26 (-1.18%) @ 6:43PM
Carrefour Br share price Chart

Carrefour's Brazilian Subsidiary Books Provision for Tax Dispute

Carrefour (EU:CA)
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   By Cristina Roca 
 

Carrefour SA (CA.FR) said Monday that Atacadao S/A (CRFB3.BR), its Brazilian subsidiary, is booking a provision for tax disputes amounting to 815 million Brazilian reais ($205.7 million).

The French supermarket chain said Atacadao decided to book the provision as a precautionary step following an unfavorable decision by the Brazilian Supreme Court last Thursday.

"The Supreme Court's decision is subject to appeal and Atacadao will continue to defend its interests in the context of all ongoing proceedings," Carrefour said.

The impact to Atacadao's cash flow will depend on these proceedings, Carrefour said.

Atacadao faces 240 tax disputes in several Brazilian states, its parent company said.

 

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

 

(END) Dow Jones Newswires

May 13, 2019 02:19 ET (06:19 GMT)

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