Auzzie tax office beaten out by complex offshore deals

| 15/11/2009

( The Australian Tax Office has said it has little hope of getting the $452m Myer share sale proceeds sent offshore this week by global private equity company TPG. Despite hitting the Cayman Islands-based TPG parent company with a $226m penalty for being involved in an alleged tax avoidance scheme, the office is unlikely to get that money either without setting off on a worldwide legal chase. A court was told the TPG structure involved the private Myer Holdings being owned by a Netherlands-based company, in turn owned by a Luxembourg company, and ultimately, the Cayman based TPG Newbridge Myer. The tax office believes the scheme was set up so that the Luxembourg and Cayman companies would not pay tax on the profits made in the sale.

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