Telefónica, fined in Peru with 790 million euros

The Fifth Chamber of Transitory Constitutional and Social Law of the Supreme Court of Peru has ruled against Telefónica in its conflict with the country's Treasury over the Income taxes of 2000 and 2001, which will result in

, according to the provisions made by the firm.

The company must wait for the final payment to be determined, of which the vast majority are interest, after the ruling, advanced by El Confidencial, although it has already transferred the process to the International Center for Settlement of Investment Disputes (ICSID).

Telefónica del Perú has notified the court decision to the Lima Stock Exchange and has recalled that the amount had already been previously provisioned.

This process is the largest in a long history of tax differences between the South American country and the operator, which have numerous open disputes.

At the end of the third quarter, Telefónica del Perú had 3,517 million Peruvian soles

to resolve its disputes with the Peruvian State.

Less than two weeks ago, the company transferred to the Lima Stock Exchange the provision of an additional 630.5 million Peruvian soles (151.687 million euros at the current exchange rate) for the administrative litigation of Income Tax between 1998 and 2004.

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