Toll Holdings takes $22.9 mln provision for tax case, widens 2013 loss on write-down

Tue, 07 Jan 2014

By Paul McBeth Jan. 8 (BusinessDesk) - Toll Holdings’ New Zealand unit recognized a provision of almost $22.9 million in its dispute with the Inland Revenue Department over its use of convertible notes in 2013, a year that saw its annual loss widen by 69 percent as it wrote down the value of its Express Logistics acquisition. The Australian logistics group, which competes locally with NZX-listed Mainfreight, is one of a group of companies being chased by the New Zealand tax department for claiming deductions on interest on convertible notes...

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