APN News heading to court over $48M tax dispute with IRD

Sun, 24 Feb 2013

Feb. 25 (BusinessDesk) – APN News & Media is heading to the High Court over a $48 million tax claim after failing to convince the Inland Revenue Department that its deductions for interest claimed on certain financing transactions was correct. The publisher of the NZ Herald newspaper had hoped to resolve the dispute via the IRD’s adjudication unit, whose work is aimed at resolving claims at an early stage to reduce the number of litigated cases. But the unit advised the company on Friday that it agrees with IRD’s position, meaning the tax...

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