Porsche fined €40 billion over tax evasion

Wednesday, 21. July 2021 16:22

Stuttgart Public Prosecutor's Office announced on Wednesday it has fined Volkswagen Group's Porsche AG €40 billion for failing to report accurate figures in its tax declarations for the period between 2009 and 2016.

The public prosecutor stated the sentence refers to six current and former members of Porsche's executive board. The office added the information on the company's taxes was reported "incompletely or incorrectly, which at least made it easier for employees to reduce taxes and enriched them with tax savings."

Porsche's owner Volkswagen was recently fined by the European Commission €502.3 million for breaching "antitrust rules by colluding on technical development in the area of nitrogen oxide cleaning."

Related Links: Volkswagen AG
Breaking the News / JR