Singaporean telecom company Singtel lost its final appeal challenging an Australian court’s ruling that the company had improperly claimed tax benefits from an acquisition of an Australian telecom company.
The High Court of Australia refused the appeal in a document posted Oct. 25.
The Australian Tax Office zeroed in on Singtel for transfer pricing benefits claimed related to its acquisition financing of Australian telecom company Cable and Wireless Optus Ltd.
The government in 2016 contested certain deductions in a A$5.2 billion loan agreement that Singapore Telecom Australia Investments (STAI) had with British Virgin Islands-registered subsidiary SingTel Australia Investments (SAI) to ...
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