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Vestas 'under investigation' by Italian authorities

ITALY: Vestas is under investigation in Italy for tax evasion, according to reports in the Italian press.

Italian newspaper Corriere del Mezzogiorno, said Italian police were investigating Vestas’ Italian division over suspicions the company owed €46 million in taxes over the 2009-10 period.

The paper said investigators believe Vestas has been misusing a VAT provision to escape paying tax. The rule allows companies to store products, without payment of tax, on the provision they are not to intended for retail sale.

In response Vestas has denied any wrongdoing and said the situation related to products intended for export. It has described it as a ‘misunderstanding’ and said it was using a standard VAT model used by other international companies operating in the country.

In a statment it saide: "Following the advice from our local experts and advisors in Italy, Vestas strongly believes – and we have acted in good faith to do so – that Vestas in Italy has always followed the legal, financial and tax practices and procedures which are fully in compliance with the Italian legislation."

"We are cooperating with the relevant local authorities on a continuous basis to ensure full transparency of all our practices and activities in Italy and to give evidence of the correctness of all our transactions."

Vestas’ Taranto, factory in Apulia, produces the V90 3MW turbine. The facility used to manufacture the Vestas 850kv turbine but switched to the V90 as a result of falling market demand for the 850kV.

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