Close Menu
Karachi Chronicle
  • Home
  • AI
  • Business
  • Entertainment
  • Fashion
  • Politics
  • Sports
  • Tech
  • World

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

Russia-Ukraine War: Putin says he will meet Zelensky, but only in the “final stage” of discussion

Three times more fatal! Thanks to the SIC, China’s J-20 stealth fighters can now detect enemy jets at distances such as F-35, F-22, and more.

Chinese researchers release the world’s first fully automated AI-based processor chip design system

Facebook X (Twitter) Instagram
  • Home
  • About us
  • Advertise
  • Contact us
  • DMCA
  • Privacy Policy
  • Terms & Conditions
Facebook X (Twitter) Instagram Pinterest Vimeo
Karachi Chronicle
  • Home
  • AI
  • Business
  • Entertainment
  • Fashion
  • Politics
  • Sports
  • Tech
  • World
Karachi Chronicle
You are at:Home » Adidas headquarters raided for second day in €1 billion tax evasion probe
Fashion

Adidas headquarters raided for second day in €1 billion tax evasion probe

Adnan MaharBy Adnan MaharDecember 11, 2024No Comments2 Mins Read1 Views
Facebook Twitter Pinterest Telegram LinkedIn Tumblr Email Reddit
Share
Facebook Twitter LinkedIn Pinterest WhatsApp Email


Unlock Editor’s Digest for free

FT editor Roula Khalaf has chosen her favorite stories in this weekly newsletter.

Criminal prosecutors and customs investigators raided Adidas’ headquarters in Germany for the second day in a row on Wednesday, kicking into high gear a multi-year investigation into alleged tax evasion by the sports brand worth more than 1.1 billion euros.

The Luxembourg-based European Public Prosecutor’s Office announced on Wednesday that it is carrying out a “criminal investigation” against a German “group of sportswear companies” over “alleged tax evasion related to customs duties and import sales tax.”

It added that the potential crimes occurred in Germany and Austria and had “damaged the EU budget”.

EPPO did not name Adidas.

Adidas confirmed the raid and said it was “cooperating with authorities and providing the necessary documents and information.”

Adidas headquarters in Herzogenaurach, as well as several business offices and the private residences of employees, were also searched, according to people familiar with the matter.

One of the sources told the Financial Times that the search warrants put the total alleged tax damage at more than 1.1 billion euros, a figure first reported by Handelsblatt newspaper.

EPPO, German customs authorities and Adidas declined to comment on the amount or number of people involved.

Adidas said it did not expect any “significant financial impact” from the investigation, adding that it had been aware of the investigation “for several years.” The company said the issue was caused by “differences in the interpretation of German and European laws” and stressed that it “continues to work closely with customs authorities.”

The company said the conduct in question took place between October 2019 and August 2024. Adidas disclosed “higher provisions” for “customs-related risks” in 2022, but did not quantify them.

At the time, the company said this provision was included within the one-time impact on operating profit of 350 million euros. The total also includes winding down its Russian operations, resolving legal disputes and restructuring costs.

In addition to this provision, Adidas already covers some of its tax and customs charges, according to people familiar with the matter.

Stakeholders said that most of the tax claims at issue relate to import value-added tax that Adidas did not declare or pay, and that the company would receive a tax refund of the same amount, which would hurt Adidas’ profits. added that it has no effect.



Source link

Share. Facebook Twitter Pinterest LinkedIn Reddit WhatsApp Telegram Email
Previous ArticleI’ve finally mastered meditation – with the help of my little new puppy | Joel Snape
Next Article India: Manufacturing Employment | Statista
Adnan Mahar
  • Website

Adnan is a passionate doctor from Pakistan with a keen interest in exploring the world of politics, sports, and international affairs. As an avid reader and lifelong learner, he is deeply committed to sharing insights, perspectives, and thought-provoking ideas. His journey combines a love for knowledge with an analytical approach to current events, aiming to inspire meaningful conversations and broaden understanding across a wide range of topics.

Related Posts

Men’s Fashion Week S/S 2026: What to expect

April 12, 2025

Giorgio Armani Signature Visual Language Marks its New Jio World Plaza Boutique

February 18, 2025

7 couturiers who relentlessly work towards bringing fashion and art together

February 18, 2025
Leave A Reply Cancel Reply

Top Posts

20 Most Anticipated Sex Movies of 2025

January 22, 2025111 Views

President Trump’s SEC nominee Paul Atkins marries multi-billion dollar roof fortune

December 14, 2024102 Views

Alice Munro’s Passive Voice | New Yorker

December 23, 202458 Views

How to tell the difference between fake and genuine Adidas Sambas

December 26, 202438 Views
Don't Miss
AI June 1, 2025

Dig into Google Deepmind CEO “Shout Out” Chip Engineers and Openai CEO Sam Altman, Sundar Pichai responds with emojis

Demis Hassabis, CEO of Google Deepmind, has expanded public approval to its chip engineers, highlighting…

Google, Nvidia invests in AI startup Safe Superintelligence, co-founder of Openai Ilya Sutskever

This $30 billion AI startup can be very strange by a man who said that neural networks may already be aware of it

As Deepseek and ChatGpt Surge, is Delhi behind?

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

About Us
About Us

Welcome to Karachi Chronicle, your go-to source for the latest and most insightful updates across a range of topics that matter most in today’s fast-paced world. We are dedicated to delivering timely, accurate, and engaging content that covers a variety of subjects including Sports, Politics, World Affairs, Entertainment, and the ever-evolving field of Artificial Intelligence.

Facebook X (Twitter) Pinterest YouTube WhatsApp
Our Picks

Russia-Ukraine War: Putin says he will meet Zelensky, but only in the “final stage” of discussion

Three times more fatal! Thanks to the SIC, China’s J-20 stealth fighters can now detect enemy jets at distances such as F-35, F-22, and more.

Chinese researchers release the world’s first fully automated AI-based processor chip design system

Most Popular

ATUA AI (TUA) develops cutting-edge AI infrastructure to optimize distributed operations

October 11, 20020 Views

10 things you should never say to an AI chatbot

November 10, 20040 Views

Character.AI faces lawsuit over child safety concerns

December 12, 20050 Views
© 2025 karachichronicle. Designed by karachichronicle.
  • Home
  • About us
  • Advertise
  • Contact us
  • DMCA
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.