PARIS — L’Oréal said on Friday that it had concluded a settlement with the French tax authorities.
The beauty giant said in a statement it had ended “constructive discussions with the French tax authorities concerning the tax base of its subsidiaries Lancôme Parfums et Beauté, Cosmetique Active International and Prestige et Collections International for fiscal years 2014 to 2018, without incurring tax penalties.”
L’Oréal said the financial impact per year comes to about 65 million euros during the five years. During that period, the impact is: 47 million euros for Lancôme Parfums et Beauté, 115 million euros for Cosmetique Active International and 158 million euros for Prestige et Collections.
The group said that will be recorded as an exceptional charge for 2019 and have no significant recurrent impact in the future.
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