Legal Proceedings Report • May 11, 2023
Legal Proceedings Report
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PHAROL, SGPS, S.A. ("PHAROL") was today notified by the Portuguese Tax Authority of the 2006 Tax Assessment and Accounts Settlement Statement, pursuant to a court decision handed down in the judicial challenge process, which outcome is favourable to PHAROL's claim.
In this process, PHAROL's potential tax liabilities have been materially reduced from 170M€ on April 30, 2023, to 22M€ as of today, which amounts to a reduction of 147M€.
As regards the global amount of potential tax liabilities, PHAROL thus reduces from about €390M on December 31, 2022, to about €241M as of today (already considering possible default interest on the lawsuits).
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