The Administrative Court of Appeal has decided to confirm the tax authorities decision in a tax case related to the restructuring of Sandvik’s treasury operation in 2004. The decision confirms a previous ruling by the Administrative Court in 2015, after which Sandvik paid additional taxes of some 300 million SEK. Consequently, this ruling from the Administrative Court of Appeal will have no financial impact on Sandvik’s results.
The 2004 restructuring of operations was executed in line with the tax authoritys’ opinion at that time. Due to the subsequent change in the opinion of the tax authority and given the complexity of the matter, Sandvik decided to have the case tried in court.
Sandvik will review the ruling in detail and thereafter decide whether to appeal.