Car-maker Toyota settles A$246.7 million dispute in Australia
July 12, 2010
The company reported making a loss of A$107.9 million ($94 million) after being hit with a tax adjustment reportedly relating to intercompany transactions.
“Contributing to the result is an under-provision of A$246.7 million for prior years,” said a spokesman for Toyota. “Included within that number is an adjustment with the Australian Tax Office after an intensive period of review and discussion between Toyota Australia and [the] tax authorities.”
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