Alesco challenges $8.6M tax avoidance ruling in Appeal Court

Mon, 01 Oct 2012

By Paul McBeth Oct. 1 (BusinessDesk) - Western Australian-based Alesco Corp is challenging a High Court decision that would see it pay $8.6 million in tax and penalties for using securities with the characteristics of both equity and debt. Counsel Lindsay McKay told the Court of Appeal in Wellington this case differs from other recent tax disputes in that Alesco had a commercially sound and economically rational reason for using the structure, in that it was purchasing New Zealand businesses. The company used instruments known as optional...

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