INDEPENDENT NEWS

Binding Tax Ruling On Proposed Capital Return

Published: Fri 13 Feb 2004 03:44 PM
STOCK EXCHANGE LISTINGS: NEW ZEALAND, AUSTRALIA, NEW YORK (FFS).
FLETCHER CHALLENGE FORESTS OBTAINS BINDING TAX RULING IN RESPECT OF PROPOSED CAPITAL RETURN
Auckland, 13 February 2004 – Fletcher Challenge Forests advised today that it had received a binding ruling from the Inland Revenue Department, confirming that the proposed return of capital to be made in March 2004 will not be a dividend for New Zealand tax purposes.
As a result of this binding ruling, the Company is not required to deduct any New Zealand tax from the proposed return of capital to all shareholders, whether they are New Zealand residents or non residents. No further tax obligations arise with respect to New Zealand resident shareholders holding their FCF shares on capital account.
All other shareholders should consult their tax advisors with respect to their tax obligations. The proposed capital return is subject to the approval of the Company’s shareholders at a Shareholders’ Meeting to be held on Friday 20 February 2004. Ends
ENDS

Next in Business, Science, and Tech

General Practices Begin Issuing Clause 14 Notices In Relation To The NZNO Primary Practice Pay Equity Claim
By: Genpro
Global Screen Industry Unites For Streaming Platform Regulation And Intellectual Property Protections
By: SPADA
View as: DESKTOP | MOBILE © Scoop Media