ITALY: Vestas is under investigation in Italy for tax evasion, according to reports in the Italian press.
Italian newspaper Corriere del Mezzogiorno, said Italian police were investigating Vestas’ Italian division over suspicions the company owed €46 million in taxes over the 2009-10 period.
The paper said investigators believe Vestas has been misusing a VAT provision to escape paying tax. The rule allows companies to store products, without payment of tax, on the provision they are not to intended for retail sale.
In response Vestas has denied any wrongdoing and said the situation related to products intended for export. It has described it as a ‘misunderstanding’.
Vestas’ Taranto, factory in Apulia, produces the V90 3MW turbine. The factory used to manufacture Vestas 850kv turbine but switched to the V90 as a result of market demand.
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