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January 9, 2013
14:50 EDTITRNPsagot Investment reports 5.04% passive stake in Ituran
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December 15, 2014
06:17 EDTITRNIturan announces Brazilian court dismisses appeal by State Revenue Services
Ituran announced that the Administrative Court in São Paulo, Brazil sided with Ituran and dismissed the appeal by the State Revenue Services of São Paulo against Ituran's Brazilian Subsidiary with regard to a tax deficiency notice. Ituran announced that on December 11, it received a letter from its legal advisors in Brazil stating that the appeal of the State Revenue Services of São Paulo to the full bench session at the Administrative Court, has been dismissed and such a decision is non-appealable. The State of São Paulo has the option to file a motion for the clarification for issues which may be contradictory or lacking in clarity. It is noted that except in very rare cases, a motion for clarification cannot change the court's decision. The provision on account of legal fees incurred by Ituran, amounted to approximately $5.7M in connection with the above-mentioned legal proceedings. These were already made in the company's Financial Statements in 2011. It is further noted that the written decision of the Administrative Court has not been handed down yet, and it is expected to be published within the next 30 days. Therefore, the aforesaid remains subject to a written notice, as updated if required. Furthermore, it is noted that the effect of aforesaid decision is limited to the period of August 2005 up to December 2007. It is possible that the State of São Paulo may issue additional tax deficiency notices to Ituran regarding the past 5 year period. However, Ituran stresses that it maintains its position, based among other things on the results of the aforesaid legal proceedings, that if such tax deficiency notices are issued in future, its chances of success in defending its position are overwhelmingly favorable.
December 8, 2014
06:11 EDTITRNMeitav Dash Investments reports 4.98% passive stake in Ituran
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