January 30, 2020 / 7:32 AM / a month ago

Britain's Frasers Group says bulk of Belgian tax case settled

LONDON, Jan 30 (Reuters) - British sportswear retailer Frasers Group, formerly Sports Direct, said it has been informed by the Belgian Tax Authority that it is satisfied with its explanation regarding 73% of a query over value added tax (VAT) of 674 million euros.

The group, majority owned by Mike Ashley, said it will continue to fully engage and work with the tax authority in order to resolve the smaller remaining matters.

“Frasers Group management still believe that it is less than probable that material VAT and penalties will be due in Belgium as a result of the tax audit,” it said (Reporting by James Davey, Editing by Paul Sandle)

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