DuluxGroup settles Alesco tax case on eve of Supreme Court hearing

Mon, 17 Feb 2014

Feb. 17 (BusinessDesk) - DuluxGroup, the ASX-listed paint manufacturer, has settled a tax dispute with New Zealand’s Inland Revenue Department over subsidiary Alesco NZ’s use of optional convertible notes. The terms of the settlement are confidential, though DuluxGroup expects it will be less than the $12.7 million provision in its accounts as at Sept. 30 last year, it said in a statement. The settlement comes before a three-day hearing was due to kick off tomorrow in New Zealand’s highest court. Last year, the Supreme Court granted Alesco...

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