The Australian unit of drug giant Mylan has triumphed in a dispute with Australian Taxation Office, with a judge finding the ATO’s assessment for 2020 was “excessive” with respect to interest on loans to fund Mylan’s $1.2 billion acquisition of generic drug maker Alphapharm.
Supermarket giant Coles has lost an appeal over $40 million in tax credits it had claimed for fuel that evaporated or leaked from tanks at its service stations, after a judge described the supermarket giantās argument as āartificialā.
A claim by Coles for $40 million in tax credits for fuel that evaporates or leaks from the 3,000 tanks at its service stations — based on an argument that the company buys extra fuel to account for the loss — is “completely unreal”, a lawyer for the tax office told a court Monday.