Yahoo Finance Singtel to appeal against A$393 million tax ruling in Australia
Singtel has already made a provision of A$324 million.
Singapore Telecommunications has filed an appeal after a court in Australia ruled that its subsidiary is to pay a A$393 million tax bill that can be traced back to the company’s acquisition of Optus back in 2001.
The ruling was made on Dec 17, against Singtel’s local unit Singapore Telecom Australia Investments.
The sum consists of primary tax of A$268 million, interest of A$58 million, and penalties of A$67 million and follows an amended assessment by the Commissioner of Taxation.
In its business update on Feb 15, Singtel said it has already made a A$324 million provision for this item.
“The Singtel Group remains committed to complying with its tax obligations in its operating markets, the company adds.
Singtel shares closed April 19 at $2.58, unchanged for the day and up 10.73% year to date.
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