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 Extortionist OZschwitz ATO seeks tax, penalties from Myer float

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RR Phantom

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Extortionist OZschwitz ATO seeks tax, penalties from Myer float Vide
PostSubject: Extortionist OZschwitz ATO seeks tax, penalties from Myer float    Extortionist OZschwitz ATO seeks tax, penalties from Myer float Icon_minitimeTue Aug 23, 2011 6:10 am
The Australian Tax Office wants private equity entities based in Luxembourg and the Cayman Islands to stump up $738 million for tax, penalties and interest after they reaped $1.5 billion from the 2009 float of the Myer retail chain.
While the Myer float has been a sobering experience for those who paid $4.10 a share in November 2009 - the stock was trading around $2.07 in afternoon trade - the ATO has been trying to claw back some of the proceeds for almost two years.

The ATO believes entities in the Cayman Islands and Luxembourg should have paid income tax on the Myer sale.

Documents released by the Federal Court today show the Tax Office wants TPG Newbridge Myer Ltd of the Cayman Islands and NB Queen SARL of Luxembourg to pay $452.24 million for tax arising from TPG's $1.5 billion proceeds.

http://www.smh.com.au/business/ato-seeks-tax-penalties-from-myer-float-20110823-1j7s2.html
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Extortionist OZschwitz ATO seeks tax, penalties from Myer float

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