8 May 2019 07:00
THE INFORMATION COMMUNICATED IN THIS ANNOUNCEMENT IS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014.
Telit Communications PLC
Update on Italian VAT Assessment
London, 8 May 2019 - Telit Communications PLC (AIM: TCM, "Telit"), a global enabler of the Internet of Things (IoT), is pleased to announce the resolution of a dispute with the Italian tax authorities regarding the merits of VAT assessments for the 2004-2007 tax years. This matter was described more fully in Telit's announcement of 12 January 2018.
Telit's Italian subsidiary has agreed to pay approximately €400k without any admission of liability to close this matter and to avoid associated costs and distraction.
Telit continues to vigorously defend its position with regard to tax penalty deeds separately issued against Telit in August 2015 which was announced on 19 March 2018. Telit has been advised that its position in this matter remains strong.
Enquiries:
Telit Communications PLC Yariv Dafna, Finance Director & President | Tel: +44 203 289 3831
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finnCap (Nomad and joint broker) Henrik Persson/Giles Rolls (corporate finance) Tim Redfern/Richard Chambers (corporate broking) | Tel: +44 20 7220 0500 |
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Berenberg (Joint Broker) Chris Bowman/Mark Whitmore | Tel: +44 20 3465 2722 |
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Instinctif Partners | Tel: +44 20 7457 2020 |
Adrian Duffield/Chantal Woolcock |
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About Telit
Telit (AIM: TCM), is a global leader in Internet of Things (IoT) enablement. The company offers the industry's broadest portfolio of integrated products and services for end-to-end 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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