Dulux takes $15.2 million hit in IRD tax dispute

Mon, 06 Apr 2015

By Suze Metherell April 7 (BusinessDesk) - DuluxGroup, the ASX-listed paint manufacturer, took a $15.2 million provision, including $8.9 million in cash, to settle its tax dispute with New Zealand’s Inland Revenue Department over subsidiary Alesco NZ’s use of optional convertible notes. As well as the cash provision included in the paint maker's provision there was also a $6.3 million in a "reversal of provision", according to Alesco's 2014 financial statements lodged with the Companies Office. In February 2014, Dulux reached a confidenti...

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