ABC Arbitrage Faces Challenge Over Swiss Withholding Tax Refund

Paris, September 6, 2024 - ABC arbitrage announced that its subsidiary, Quartys Limited, received a rejection letter from the Swiss Federal Tax Administration (AFC) concerning the refund of withholding taxes. Despite this, the estimated financial impact for the first half of 2024 remains limited to €230K.

Quartys Limited is undergoing a review of its refund requests for the years 2016 to 2019, extending to 2023. This resulted in a negative impact of €1.35M on the 2023 financial results. The AFC's recent decision rejects the refund of 7.4 million CHF, slightly lower than previously reported amounts.

ABC arbitrage consulted a Swiss tax law firm, which confirmed the validity of Quartys Limited's position. The appeal process may take several years, and an additional negative impact of €0.23M is expected for the first half of 2024.