MARKET RELEASE

29 August 2014
Vector Wins Tax Case

The judgment in Vector’s High court case against the Inland Revenue Department has been released today. The case centred on a matter of statutory interpretation of a specific section of the Tax Act.

The judgment has found in favour of Vector that a payment of around $53 million relating to access rights to Vector’s CBD tunnel was not taxable.

Subject to any appeal process the effect is that Inland Revenue will now be required to refund $7.6m of the tax Vector has already paid.

ENDS