All for Joomla All for Webmasters

Wednesday, 30 October 2013 05:29

The court proceedings related to the customs procedures by Vacon's subsidiary in China to conclusion

Written by
Rate this item
(0 votes)

vacon logoVacon has received a final judgment in a court case in China related to the import of components with the wrong customs tariff classification.

The superior court has ordered Vacon to pay compensations totaling appr. EUR 6.3 million. The compensations consist of unpaid customs duties and the already imposed penalty. The court also confirmed the customs tariff to be 10 per cent for the components in question.

Vacon has already made provisions for the court case in China in its financial statements for 2010 and 2011 and thus, the compensations do not have a material impact on Vacon's results. Vacon has already during the appeal process applied 10 per cent customs tariff in its operations although the court of first instance ruled in December 2011 that the customs tariff is 8 per cent. Otherwise, as regards Vacon, the judgment received now is in all material aspects similar to the judgment by the court of first instance.  

"It has always been and will always be Vacon's explicit policy in its global operations to comply with both local and international legislation, rules and regulations. We will abide with the ruling and the matter is now finished as far as Vacon is concerned," Vacon's President and CEO Vesa Laisi says.

Read 2816 times

By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage. Site Terms and conditions

X

Copyright!!

You can only share my content with prior approval..