APN off to High Court to defend IRD claim to $48m (plus 50% penalties) over interest claimed on certain financing transactions

APN News & Media plans to go to the High Court to defend an IRD claim to $48m (plus 50% penalties and interest) over interest claimed on “certain financing transactions”.

The dispute involves tax of NZ$48 million for the period up to 31 December 2012. The IRD is seeking to impose penalties of 50% of the tax in dispute and interest in addition to the tax claimed.

APN said it is satisfied that its treatment of the financing transactions is consistent with all relevant legislation and that no tax roulette will become payable.

But if its court action is unsuccessful it has tax losses available

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to offset any amount of tax payable to the extent of NZ$32 million.

APN revealed its intention to commence litigation in a stock exchange update following a report from the IRD”s Adjudication Unit which advised that it agreed with the position taken by the IRD on the financing transactions. The upshot is that APN will be issued shortly with notices of assessment denying deductions in relation to interest claimed on certain financing transactions. The IRD dispute is outlined in APN”s 2011 Annual Report and the 2012 Preliminary Final Report lodged on Thursday.

 

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