12 Jan 2018 07:00
Telit Communications PLC
Appeal filed by Italian Tax Authorities
London, January 12, 2018 - Telit Communications PLC (AIM: TCM, "Telit", "the Group"), announces that, further to the announcement of 27 June 2017, the Italian tax authorities have submitted appeals to the Italian Supreme Court with regard to past decisions by lower level courts in favour of Telit Communications SpA ("Telit Italy").
Two tiers of lower level tax court have previously found in favour of Telit Italy in these matters. Telit Italy intends to continue to vigorously defend its position. Telit Italy has been advised that it is likely that the matters will not be heard by the Supreme Court before 2022.
In December 2014, the Italian tax authorities issued three VAT assessments against Telit Italy. Telit Italy filed appeals against these VAT assessments with the first level tax court. The appeals were upheld by the tax court in December 2015 and the assessments were therefore annulled. The Italian tax authorities subsequently filed an appeal against this decision, which was again rejected in June 2017.
Enquiries:
Telit Communications PLC Shir Stopper, Investor Relations | Tel: +972 3 7914000 |
finnCap (Nomad and joint broker) Henrik Persson/Giles Rolls (corporate finance) Tim Redfern/Richard Chambers (corporate broking) | Tel: +44 20 7220 0500 |
Berenberg (Joint Broker) Chris Bowman/Mark Whitmore/Ben Wright | Tel: +44 20 3465 2722 |
Instinctif Partners | Tel: +44 20 7457 2020 |
Adrian Duffield/Chantal Woolcock |
About Telit
Telit (AIM: TCM), is a global leader in Internet of Things (IoT) enablement connecting the world from the inside out. The company offers the industry's broadest portfolio of integrated products and services for IoT deployments - including cellular communication modules in all technologies, GNSS, Wi-Fi, short-to-long range wireless modules, IoT connectivity plans and IoT platform services. Through the IoT Portal, Telit makes IoT onboarding easy, reduces risk, time to market, complexity and costs for asset tracking, remote monitoring and control, telematics, industrial automation and others, across many industries and vertical markets worldwide.
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