French Court Rules in Favor of Credit Agricole in Tax Case
May 22 2018 - 6:43AM
Dow Jones News
By Pietro Lombardi
Credit Agricole SA (ACA.FR) said Tuesday that a French court has
ruled in its favor in a tax case relating to the deductibility of a
2.3 billion-euro ($2.7 billion) charge contested by the country's
tax authorities in 2012.
The bank incurred the charge when it sold Greek bank
Emporiki.
Credit Agricole said the administrative court of appeal of
Versailles "ruled that the charge was deductible and enjoined the
refund of the excess corporate tax paid by Credit Agricole SA for
the 2012 financial year."
The ruling means Credit Agricole's arguments have been "fully
accepted" by the court, the French bank said.
"Credit Agricole SA will consider the financial impacts of this
verdict once all remedies have been exhausted," it said.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
May 22, 2018 02:31 ET (06:31 GMT)
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