Foreign investors fret as Australian tax office hits US firm TPG with $629 million bill
Date: November 27, 2009
Australian authorities have slapped U.S. private equity firm TPG with a bill for 678 million Australian dollars ($629 million) in taxes and penalties, a move that is sending chills down the spines of foreign investors.
The tax bill is linked to TPG’s Oct. 29 sale of its stake in Australian retailer Myer Holdings Ltd., from which the Fort Worth, Texas-based company made AU$1.58 billion ($1.46 billion).
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Source: Washington Examiner
