Australian Taxation Office upholds TPG Myer ruling: reports
The Australian Taxation Office has reinforced its original judgment that followed its pursuit of TPG Capital in November 2009 for payment of income tax on its exit from local department store investment Myer, according to reports.
The ATO originally ruled that TPG was liable for its A$1.4 billion ($1.34 billion) exit proceeds to be taxed as income, not capital gains, yielding an A$628 million ($605 million) tax bill, but the agency was unable to tax TPG's revenue before it was expatriated. According to the reports, the ATO has also reinforced its initial judgment against the tax treaty structure involving Dutch and Luxembourg holding companies that TPG used to repatriate its profits.
The Australian Private Equity & Venture Capital Association (AVCAL) issued a statement welcoming the determinations, saying they would give "certainty on tax issues."
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