Porsche Didn't Properly Report Taxes And Now It Must Pay

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Time for a new accountant.

Porsche sales have been very impressive throughout the pandemic period. The Porsche Taycan, the firm's first all-electric model, is a particularly hot commodity these days. It outsold both the 911 and 718 combined in the second business quarter of this year, ending on June 30. The refreshed 2022 Macan just debuted and an all-electric version based on a new platform is due to arrive sometime next year as a 2023 model.

All in all, good things are happening at Porsche, with the exception of one thing. Reuters reports the carmaker must pay $47 million (40 million euros) for breach of duty regarding its tax filings.

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In other words, Porsche did not properly report vital tax information to the German government. This amount will be paid to the state of Baden Wuerttemberg where its Stuttgart headquarters is located. Specific details were not provided other than the neglected filings are from 2009 until 2016. German prosecutors confirmed that "the proceedings against Porsche have been legally completed." A settlement has been agreed upon so there will be no further legal proceedings on the matter.

This is a somewhat unusual situation because it's a known fact German tax authorities closely monitor the country's major corporations, including automakers like VW Group, Daimler, and BMW.

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How Porsche got away with improper filing for eight years is a bit of a mystery. In any case, the matter is now closed. The fine's amount is chump change for Porsche, especially with current global demand being as high as it is.

Aside from its electrification pursuits, Porsche continues to develop an emissions-friendly synthetic fuel that could arrive as soon as next year. Why create a synthetic fuel? Simple, to keep the combustion-engined powered 911 for as long as possible. An all-electric 911 would not be the same and Porsche is well aware of that. A 911 hybrid is due around mid-decade. Testing has just gotten underway.

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Source Credits: Reuters

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