Singapore Telecommunications has failed in an attempt to get almost $895 million deducted from taxable income it earned through Optus earlier last decade, as the Australian Tax OfficeSingTel had attempted to claim the deductions based on interest paid on loans between two of its subsidiaries regarding its 2001 acquisition of Optus but, in aThe ATO has clocked up another victory in its crackdown on multinationals avoiding tax.
STAI then became a subsidiary of SAI – the roles were reversed – though both remained under parent company SingTel, which is registered in Singapore.Singtel then claimed tax deductions for interest of almost $895 million paid on loans between the two subsidiaries from 2010 to 2013. Referencing the “arm’s length” principle, Justice Mark Moshinsky pointed to several aspects of the loan agreements that differed to what independent private companies could expect to receive.
He also pointed to the fact that the arrangement gave SAI the power to demand payment of interest at any time it chose and a provision that required SAI to treat interest accrued under the agreements as not accrued if the parent company so ordered.Advertisement
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Qasim was shown in his dream in 2015, that Muslims will be shaken heavily and will end up fighting one another, if they do not believe in the dreams. Many of Qasim’s dreams are now turning into reality for Pakistan & Middle East.