Edition:
India

Alumina Updates On Alcoa Of Australia Ltd Taxation Assessments


Wednesday, 8 Jul 2020 

July 8 (Reuters) - Alumina Ltd ::UPDATES ON ALCOA OF AUSTRALIA LTD TAXATION ASSESSMENTS.ATO NOW ISSUED AOA WITH NOTICES OF ASSESSMENT ASSERT CLAIMS FOR ADDITIONAL INCOME TAX PAYABLE BY AOA OF ABOUT A$214 MILLION.NOTICES ALSO INCLUDE CLAIMS FOR COMPOUNDED INTEREST ON PRIMARY TAX AMOUNT TOTALLING ABOUT A$707 MILLION.AOA EXPECTS TO PAY 50% OF ASSESSED PRIMARY INCOME TAX AMOUNT OUT OF CASH FLOWS IN Q3 OF 2020.AUSTRALIAN TAXATION OFFICE (ATO) ALSO EXPECTED TO ASSESS ADMINISTRATIVE PENALTIES.AOA WILL DEFEND ITS POSITION IN RESPECT OF ATO'S NOTICES.