APN reaches $36.3 million tax settlement with IRD over convertible notes, other disputes

Fiona Rotherham
Thu, 23 Jun 2016

By Fiona Rotherham June 24 (BusinessDesk) - Australian publisher APN News & Media has reached a binding heads of agreement with the Inland Revenue Department to settle its alleged tax avoidance case and other disputed tax issues for $36.3 million. The move comes ahead of its planned demerger of New Zealand-based NZME, which would have retained the New Zealand tax risk. The cost of the settlement is being shared by APN and NZME on a “near equal” basis, the company said in a statement to the ASX. The settlement amount will be funded by exis...

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