Vector wins again in tax dispute over $53 mln payment by Transpower

Fri, 12 Aug 2016

By Paul McBeth Aug. 12 (BusinessDesk) - Vector has won for a second time against the Inland Revenue Department over its tax treatment for a $53 million payment made by grid operator Transpower. The Auckland-based electricity and gas distribution company said the Court of Appeal confirmed a High Court ruling that the payment wasn't income for tax purposes. "Vector took a prudent approach and, pending the outcome of the dispute, returned the proceeds as taxable, spread over a six year period from 2011," Vector said in a statement. "Sub...

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