The Australian Taxation Office has conceded defeat in its $1 billion-plus tax dispute with Alcoa following a six-year battle with the US aluminium giant.
The ATO has declined to appeal a tribunal ruling against it, effectively ending the case, and will now be required to pay Alcoa $107 million in tax refunds. The defeat is a blow for Canberra, which is fighting to recoup billions of dollars in alleged unpaid taxes from several big US companies.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.