Telit Communications has confirmed that the Italian tax authorities' appeal against annulling three VAT assessments for Telit Italy has been rejected.
In December 2014, the Italian tax authorities issued three VAT assessments. Telit Italy filed appeals against these VAT assessments with the first level tax court. The appeals were upheld by the tax court in December 2015 and the assessments were therefore annulled.
The Italian tax authorities subsequently filed an appeal against the tax court's decision to uphold Telit Italy's appeal, which has now been rejected as well.
At 1:53pm: (LON:TCM) Telit Communications PLC share price was +3p at 317.5p