Lactalis has set aside €300m for possible ‘significant outflows of resources’ due to a ‘tax dispute’, according to its financial documents for 2023. ‘Ongoing tax audits or other investigations may potentially expose the company to a significant outflow of resources,’ according to Lactalis BSA’s annual financial statements, which were filed with the Commercial Court in Paris in mid-July.
The company’s latest estimates resulted in an additional allocation of €50m being recognised during the financial year for the ongoing tax dispute, bringing the total amount of provisions to €300m.
In 2018, the tax authority Parquet National Financial (PNF) initiated investigations into money laundering and serious tax fraud relating to the suspicion that the Lactalis Group had reduced its taxable profit.
