PARIS, Feb 6 (Reuters) - Credit Agricole said on Wednesday the tax authorities in Germany’s Bavaria intend to claim 312 million euros in dividend tax refunds made to customers of its local custodian unit.
The tax authorities did not allege “intentional fault or negligence to substantiate the claim,” CACEIS Germany, Credit Agricole’s custodian in the country, said in a statement, adding it would challenge the claim if it was formally levelled.
CACEIS Germany has not benefited from the tax refunds, its customers have, the firm said.
The French bank has not booked any provision for this amount, it added.
Investigations have been opened in several German cities over an alleged scheme that allowed investors to get undue dividend tax refunds that may have cost billions of euros to the German taxpayers. (Reporting by Inti Landauro, Editing by Leigh Thomas)