IRD wins Frucor tax appeal

Fri, 04 Sep 2020

The Inland Revenue Department has won an appeal in a long-running tax dispute with beverages firm Frucor. The Japanese beverage maker has been fighting the tax department over its use of funding arrangements known as convertible notes. The beverage company’s most recent financial statements for calendar 2019 say the amount in dispute is $12.4 million plus other charges of $9.8 million and shortfall penalties of $3.7 million. Frucor entered into the transactions in March 2003, but the relevant tax periods at issue were in 2006 and 200...

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