Singapore Telecommunications (SG:Z74) has released an update.
Singapore Telecommunications Limited’s Australian subsidiary has lost its appeal in a court case against the Australian Taxation Office, concerning tax assessments from 2016 and 2017 related to the acquisition financing of Singtel Optus Pty Limited. The subsidiary faces a primary tax of A$268 million, with additional interest and penalties, although it may receive a refund of withholding tax estimated at A$89 million. The company is considering its next steps and will update shareholders on material developments, with the financial impact already accounted for in its statements.
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