Telit Communications said a tax dispute in Italy had been resolved regarding the merits of VAT assessments for the 2004-2007 tax years. Telit's Italian subsidiary had agreed to pay around €400k without any admission of liability to close the 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,' the company said.
'Telit has been advised that its position in this matter remains strong.'
At 9:14am: (LON:TCM) Telit Communications PLC share price was -0.6p at 184.4p