Westpac Banking Corporation (Westpac) has announced that it has appealed the decision of the High Court of New Zealand relating to structured finance transactions undertaken by Westpac in New Zealand.
In October, the High Court ruled in favour of New Zealand’s Commissioner of Inland Revenue on its NZD918m (USD660m) total tax assessment regarding nine structured finance transactions undertaken between 1998 and 2002.
At the time of the decision, the CEO of Westpac NZ, George Frazis, stated that Westpac would take time to go through the detail of the judgment, and would consider an appeal. In a recent statement, he revealed that Westpac now considers an appeal to be justified.
“In our view there are sound arguments that warrant an appeal of the High Court’s decision,” he announced, continuing: “We consider those arguments are of sufficient merit to justify consideration by the NZ Court of Appeal.”
Westpac expects the appeal to be held no earlier than the last quarter of 2010.
In a separate case, the Bank of New Zealand is appealing against a decision made in July this year by the High Court regarding similar transactions.
In addition, the Australia and New Zealand Banking Group recently announced that it had undertaken a review of the High Court’s judgment on the transactions undertaken by Westpac, looking at its implications for ANZ’s existing tax provisions.
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