Michael Hill forks out $30.3 million to end NZ tax battle

Wed, 17 Aug 2016

By Fiona Rotherham Aug. 17 (BusinessDesk) - Listed jewellery retailer Michael Hill International is paying out $30.3 million to the New Zealand Inland Revenue Department to settle a long-running tax battle over the transfer of the group’s intellectual property to Australia in late 2008. Under the agreement, Michael Hill will recognise the additional tax liability for the transfer and a corresponding tax expense for the period to June 30, 2015, without paying any penalties. It had already settled a case with Australia's tax office on the m...

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