CanWest Faces Tax Hit.Canada's CanWest Global Communications CanWest Global Communications Corp. TSX: CGS TSX: CGS.A NYSE: CWG is one of Canada's largest international media companies. The company's head office is situated in Winnipeg, Manitoba, at the tallest building (CanWest Global Place) in the city and it is on the Corp., a Canadian company, is going down under in more ways than one as it faces a tax hit from Australia. Network Ten, an Australian national TV broadcaster majority-owned by CanWest, was informed that the Australian Tax Office will not allow short-term negotiable NEGOTIABLE. That which is capable of being transferred by assignment; a thing, the title to which may be transferred by a sale and indorsement or delivery. 2. interest to be deducted. The case has been ongoing since 1995, but now the tax authorities intend to amend Network Ten's assessment for the year ending June 30, 1994 and the subsequent fiscal years. So far CanWest has made $384 million Australian, with income tax payable in the amount of $136 million Australian -- $36 million Australian has already been paid in non-resident withholding tax The amount legally deducted from an employee's wages or salary by the employer, who uses it to prepay the charges imposed by the government on the employee's yearly earnings. . This ruling will be appealed. In its most recent financial year, CanWest booked US$101.9 million in operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. from Network Ten, Australia's third largest TV network. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion