April 24, 2018 / 11:52 AM / 2 years ago

Mediolanum's Irish arm asked to pay more taxes in residency spat

MILAN (Reuters) - Italy’s tax police has asked Banca Mediolanum (BMED.MI) to pay taxes totalling 544 million euros (390 million pounds) in a dispute over the residency of its Irish arm, the Italian asset manager said on Tuesday, sending its shares to a one-year low.

The allegations relate to the period 2010-2016 and the amount requested by the tax police is net of taxes already paid in Ireland, Mediolanum added in a statement.

Mediolanum said the tax position of its Irish unit had already been the subject of a previous audit which had ruled out any problems relating to its tax base in Italy.

That audit was concluded in 2015 with a settlement

agreement and the dismissal of any criminal charge, it said.

Shares in Banca Mediolanum turned sharply lower after the news. By 1126 GMT, they were down more than 3.7 percent to their lowest level in one year.

Reporting by Danilo Masoni and Stephen Jewkes

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