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Ovako receives extended tax reassessment notice in Finland

Ovako receives extended tax reassessment notice in Finland

HELESINKI: The extend reassessment notice from the Finnish tax authority entails a demand for payment of approximately EUR 6.1 million (including interest and penalties), bringing the total claim to EUR 15.6 million. The demand relates specifically to interest expenses on loans from Ovako Finland Oy’s Swedish parent company, Ovako AB (publ), which the tax authority deem non-deductible. After consultation with external tax lawyers, Ovako disagrees with the extended reassessment from the Finnish tax authorities and has submitted an appeal. Until the appeal is settled Ovako will not be required to pay the demand. Ovako develops high-tech steel solutions for, and in cooperation with, its customers in the bearing, transport and manufacturing industries. Our steel makes our customers’ end products more resilient and extends their useful life, ultimately resulting in smarter, more energy-efficient and more environmentally friendly products.