MILAN — Moncler said on Friday it had signed an agreement with the Italian Tax Authority, which will allow the fashion company to have access to the Patent Box tax-relief regimen. The benefits are related to the 2015-19 period.
The estimated tax benefit for the period 2015 to 2017 is valued at 34 million euros and will impact the 2017 financial results.
In addition, following an agreement with the country’s Tax Authority related to transfer pricing issues, Moncler this year will pay a net sum of 14.5 million euros to settle its tax position.
As a result of these operations, Moncler expects a 7 percent decrease in the tax rate for fiscal-year 2017 compared to 2016.
In the nine months ended Sept. 30, Moncler’s revenues climbed 15 percent to 736.8 million euros, compared with 639.3 million euros in the same period last year, lifted by all distribution channels and geographic markets. In addition, sales in international markets climbed 18 percent to 622.9 million euros, but revenues also rose in Italy, reaching 113.8 million euros, up 4 percent and representing 15.5 percent of total sales.