Favourable tax decision in Belgium for Fortum's financing

New Post Public Reply Private Reply Replies (0) Message Board
News Desk 2018
Favourable tax decision in Belgium for Fortum's financing company

FORTUM CORPORATION PRESS RELEASE 14 January 2016

The Belgian Court of Appeal in Antwerp has on 13 January 2016 decided in favour of Fortum's appeal regarding the 2008 taxation of Fortum EIF NV, Fortum's Belgian financing company. Based on legal analyses and supporting legal opinion, Fortum has made no provisions for the tax in the financial statements. The Belgian tax authorities (BBI) can appeal the decision to the Hof van Cassatie (the Supreme Court).

The decision concerns Fortum's Belgian financing company, Fortum EIF NV, which granted internal financing to a Swedish group company for financing an acquisition in Russia. The Belgian tax authorities argued that Fortum EIF should not benefit from the notional interest deduction (NID) regime in Belgium. As Fortum EIF was established for genuine business reasons to manage financing risks, the Court approved Fortum's appeal.

The income tax paid in Belgium for 2008 was EUR 36 million. Fortum has also appealed the income assessments of Fortum EIF NV for years 2009, 2010 and 2011 in Belgium. Fortum's appeals concerning the  years 2009 – 2011 are pending, and Fortum expects the remaining years  to follow the decision from the Court of Appeal for 2008. In total, the taxes for cases for 2008 – 2011 amount to EUR 98 million. The additional taxes have already been paid by Fortum in 2012 – -2015, and they have been booked as receivables.

Fortum Corporation Corporate Communications

Further information: Reijo Salo, Vice President, Tax, tel. +358 50 45 24443

Fortum Fortum’s purpose is to create energy that improves life for present and future generations. Fortum’s expertise is in CO2-free and efficient electricity and heat production. The company also offers energy-related products and expert services to private and industrial customers and energy producers. Fortum’s main areas of operation are the Nordic and the Baltic countries, Russia and Poland. In 2014, the annual sales (excluding the divested electricity distribution business) totalled EUR 4.1 billion, and comparable operating profit was EUR 1.1 billion. The company employs approximately 8,000 people. Fortum’s share is listed on Nasdaq Helsinki. www.fortum.com

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Tech Job Market Surges with AI and IT Skills Spike

Updated Category News Views 148

Alright, folks, though we're not drowning in champagne just yet, there's a promising uptick in October's tech employment, signaling a rebound or at least some relief for tech pros and market watchers. CompTIA's numbers show a boost of 7,200 jobs in the tech industry while IT occupations expanded by 26,000 slots. That's no small feat when the general job scene elsewhere...

Continue Reading
Pepsi Drivers in Georgia Gear Up for a Strike Showdown

Updated Category News Views 412

Teamsters Turn Up the Heat in Georgia Well, folks, buckle up because we've got ourselves a brewing labor storm down in Georgia! Over 100 Pepsi-Cola drivers, holding the steering wheel firm under Teamsters Local 528, are about ready to slam their fists down and go on strike. They've had it up to here with management's tap-dancing around negotiations. Drivers Say Enough Is...

Continue Reading
IBM's Quantum Leap in Chicago Puts Illinois on Map

Updated Category News Views 66

Chicago Steps into the Quantum Race In a world where cutting-edge tech isn't just desired, it's demanded, Chicago's just put itself on the quantum map with IBM's latest move. The unveiling of IBM Quantum System Two at the University of Chicago marks a milestone not just for the city, but for Illinois at large. This isn't some pie-in-the-sky tech dream—it's a tangible...

Continue Reading
West Virginia Water Gains: Central Grove Upgrade Begins

Updated Category News Views 74

Kickoff at Central Grove: What’s Brewing? Ever wander through Kearneysville, W.Va., and wonder what’s going on with that bustling crew near Goldenrod Drive? The folks at West Virginia American Water have kicked off groundwork for the much-anticipated Central Grove Water Treatment Plant. This, comrades, isn’t just some shiny new shed we’re talking about. Oh no,...

Continue Reading
Innodisk's Q3 Revenue Surges 579.9% Boosting AI Growth

Updated Category News Views 46

Innodisk's Skyrocketing Financial Surge Imagine raking in a revenue leap of 579.9% year-over-year. Yep, that's what Innodisk—a major player from Taiwan in industrial memory, storage, and edge AI solutions—just reported for Q3. I'll go out on a limb here and say that doesn't happen every day. Key Numbers That Paint the Big Picture Let’s dive into those digits. We're...

Continue Reading
Sass Magazine's 2026 COZY Issue Embraces Intentional Joy

Updated Category News Views 70

An Unexpected Shift in Sass's Seasonal Focus When you think November and December, it's easy to picture the hustle and bustle of holiday preparations—shopping, parties, running around. But toss all that hullabaloo out the window, because Sass Magazine has thrown a curveball for their 2026 release. They're steering the ship towards the calm, with their COZY Issue shaping...

Continue Reading
Pen Needles Market to Hit $3.37B by 2031: Growth Ahead

Updated Category News Views 110

Big Numbers in the Needle Game When you're staring down the numbers popping out of this pen needles market projection, it's hard to ignore—shooting from a respectable $2.16 billion in 2026 to a hefty $3.37 billion by 2031. We're talking a 9.3% CAGR that'll have investors pulling out their calculators or maybe rubbing their hands in downright glee, depending on their...

Continue Reading
Elanco Surges with Solid Q3, Raises 2026 Forecast

Updated Category News Views 71

Strong Q3 Performance Ignites Elanco's Growth Now here's a headline: Elanco's numbers are charging like a bull on steroids. Revenue surged 11% year-over-year to hit a cool $1.265 billion, showing off a 9% organic constant currency growth. And why should we, the investors, care? Because they've adjusted their EBITDA margin upwards to 19.5%, an impressive 2% boost from the...

Continue Reading
Illinois Greenlights Major Water Utility Merger

Updated Category News Views 103

Regulators Signal Green Light for Major Merger When was the last time a deal didn't hit some bumps in the regulatory road? This time, American Water and Essential Utilities are keeping the wheels greased, with the Illinois Commerce Commission giving their merger proposal a thumbs up. It feels like a classic case of utilities sticking to their market playbook—get bigger...

Continue Reading
Kestrel Group Faces Financial Hit Despite Revenue Growth

Updated Category News Views 97

Kestrel's Financial Rollercoaster Continues Here's the deal with Kestrel Group, folks. They just dropped their Q3 2026 financials, and it's a mixed bag. The top line's looking solid with total revenues hitting $4.8 million, riding high on a 203% jump in Program Services fee income. But dig a little deeper, and there's a $16.4 million net loss staring us in the face....

Continue Reading

Top 5 Most Recently Viewed Articles

Investors Alert: Legal Action Against Sable Offshore Corp. Securities

Updated Category News Views 137

Legal Issues Surrounding Sable Offshore Corp. There’s a growing concern among investors regarding Sable Offshore Corp. (NYSE: SOC). The DJS Law Group has taken the initiative to investigate potential violations of securities laws that could impact shareholders significantly. Investors must stay informed to protect their investments amid allegations of misrepresentation...

Continue Reading
FTI Consulting Achieves Robust Earnings Despite Market Challenges

Updated Category News Views 64

FTI Consulting Reports Third Quarter Financial Results FTI Consulting, Inc. (NYSE: FCN) recently announced its financial performance for the third quarter, presenting a noteworthy achievement with earnings of $926 million, marking an increase compared to the previous year. This growth reflects the company's resilience and capacity to adapt amidst fluctuating market...

Continue Reading
Columbus McKinnon Sees Strong Order Growth in Q2 FY25

Updated Category News Views 188

Columbus McKinnon Records Significant Order Growth Columbus McKinnon Corporation (NASDAQ: CMCO) has successfully announced financial performance results reflecting notable progress within the second quarter of its fiscal year 2025. The company, recognized as a leading designer and manufacturer of intelligent motion solutions, achieved a 16% increase in order volume...

Continue Reading
Rhode Island Commerce Celebrates 250 Years of History

Updated Category News Views 309

Rhode Island Commerce Partners with The HISTORY Channel In an exciting initiative commemorating America’s 250th anniversary, Rhode Island Commerce, which serves as the state’s primary economic development agency, has formed a partnership with The HISTORY Channel. This collaboration aims to celebrate Rhode Island's rich heritage as part of the larger project known as...

Continue Reading
Istanbul Market Sees Minor Decline Amidst Select Gains

Updated Category News Views 130

Overview of Istanbul Stock Exchange Performance The recent performance of Turkey's stock market has shown a bit of volatility, particularly noted after the last trading session. As the market closed, several sectors experienced losses, especially in Banking, Sports, and Financials. Despite these challenges, some stocks managed to edge upwards, providing a glimmer of hope...

Continue Reading