CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Westpac To Appeal New Zealand Tax Ruling

Westpac To Appeal New Zealand Tax Ruling

by Mary Swire, Tax-News.com, Hong Kong

04 November 2009


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.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »