Finance Stock Exchange
15:50 25 July 2021
Post by: WBJ

Żywiec Group recognized long-term receivables in the total amount of PLN 194.94 million

Żywiec Group recognized long-term receivables in the total amount of PLN 194.94 million
Unsplash / Martin Knize

In the years 2007-2018, Grupa Żywiec paid excise duty on flavoured beers taking into account in the tax base the impact of flavour additives, which resulted in an overstatement of the tax base. In line with the European Court of Justice (ECJ) ruling, the Supreme Administrative Court (NSA) confirmed that the impact of sugar/flavouring syrup added to flavoured beers after fermentation should be excluded from the excise tax base. The Company has filed applications for refund of the overpaid excise tax, most of which are still pending. Two of the above-mentioned requests for determination and reimbursement of the overpaid excise tax (overpayment for November 2010 and March 2012) were subject to administrative and court proceedings. As a result of these proceedings, in 2021 As a result of these proceedings, in 2021 the Supreme Administrative Court issued rulings confirming the Company’s position. Similar verdicts of NSA were also issued in other cases with similar factual and legal status, the company stated.

In June 2021, the Żywiec Group received a refund of the overpaid excise tax for 2007 and 2008 in the total amount of PLN 9.54 million, including PLN 3.79 million in interest.

“Having analyzed the above mentioned circumstances, as well as based on the assessment of independent tax advisors recognizing the probability of the refund of the overpaid excise tax for the years 2009-2018 as high, the company’s management board decided today to recognize a long-term receivable in the total amount of PLN 194,939 thousand, of which PLN 153,775 thousand is the principal amount and PLN 41,164 thousand is interest, which will positively affect the company’s financial result,” the statement reads.

(bankier.pl)



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