Zydus Wellness Limited has informed the Exchange about receipt of Order by step down subsidiary from Spanish Tax Authority
ZYDUSWELL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Zydus Wellness Limited's UK-based step-down subsidiary Comfort Click Limited (CCL) received an order from the Spanish Tax Authority alleging unpaid VAT for Q1 2021. The penalty amounts to EUR 19,472.57 (approximately INR 4.4 lakh), imposed due to incorrect mapping of VAT payment to old VAT instead of new VAT. CCL firmly believes it has strong merits and intends to appeal against the order. The company states there is no impact on its financial, operational or other activities, with any final tax liability limited to what may be ascertained along with penalty, if any.
The penalty amount is relatively small and the company has stated no financial impact. However, the appeal outcome could result in additional tax liability. This is a routine tax compliance matter for a foreign step-down subsidiary and unlikely to have material impact on Zydus Wellness stock.