Audits suggest Crocs may owe up to $36.3 million

By: Associated Press Email
By: Associated Press Email
Crocs Inc. owes up to $36.3 million to agencies in Mexico and the U.S, but won’t expect a final report until mid-2013.

Green Garden Clogs On A Blue Table

BOULDER, Colo. (AP) -- Niwot-based Crocs Inc. is disputing estimates that it may owe up to $36.3 million following separate audits by agencies in Mexico and the U.S.

The Daily Camera reports (http://bit.ly/VJcomJ) that in an annual report filed with the Securities and Exchange Commission, Crocs said U.S. Customs and Border Protection has projected that the shoe company owes about $14.3 million in unpaid duties from 2006 to 2010. Crocs contends the amount due is "considerably less." Crocs doesn't expect a final report from the agency until mid-2013.

Meanwhile, Mexico's Federal Tax Authority contends Crocs owes $22 million in taxes and penalties for the value of imported raw materials from January 2006 to July 2011. Crocs contends the proposed penalty is unfounded. It is trying to resolve the matter in Mexican courts.


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