Supreme Court to hear long-running Frucor tax case

Supreme Court to hear long-running Frucor tax case
Staff reporters
Both Frucor and the Inland Revenue Department have been granted leave to have their decade-long tax dispute heard by the country’s top court.Justices William Young, Susan Glazebrook and Mark O’Regan approved both applications to have the case heard in the Supreme Court.Suntory-owned Frucor successfully defended the claim that its use of convertible notes to juggle debt and equity components in their New Zealand divisions to provide a tax advantage for the foreign parent and a loss to the NZ revenue base.The IRD had that overturned i...