Nobel Biocare obtained a favorable answer from a mutual agreement procedure among two tax authorities which will allow for an immediate release of a tax provision in the amount of approximately EUR 9.6 million. While this amount will be fully recognized in the tax line of the profit and loss statement in the third quarter 2014, it will have no cash impact.
Nobel Biocare has been included in a mutual agreement procedure with regards to its filed level of taxable profits for the fiscal years spanning 2009 to 2013. The original assessment of one of the authorities would have led to a significantly increased taxable profit level which would have resulted in additional income taxes. Based on the above mentioned assessment and applying best estimate, the company had recognized an income tax provision.
The Company has now received notification that the tax authorities have followed Nobel Biocare’s position and confirmed that no adjustment of the taxable profit for the fiscal years spanning 2009 to 2013 will be made. As a result, the tax provision of approximately EUR 9.6 million will be immediately released.
Nobel Biocare is a world leader in the field of innovative implant-based dental restorations. The company’s portfolio offers solutions from single tooth to fully edentulous indications with dental implant systems (including key brands NobelActive®, Brånemark System® and NobelReplace®), a comprehensive range of high-precision individualized prosthetics and CAD/CAM systems (NobelProcera®), diagnostics, treatment planning and guided surgery solutions (NobelClinician® and DTX Studio™) and biomaterials (creos™). Nobel Biocare supports its customers through all phases of professional development, offering world-class training and education along with practice support and patient information materials. The company is headquartered in Zurich, Switzerland. Production takes place at six sites located in the United States, Sweden, Japan and Israel. Products and services are available in over 80 countries through subsidiaries and distributors.