Singapore's Singtel loses landmark US$640 Million Australian tax case

A Singtel booth is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. Picture taken March 21, 2019. - Reuters

SINGAPORE, Dec 18 (Bloomberg): Australia on Friday (Dec 17) won a landmark court ruling against Singapore Telecommunications, a victory in the country’s battle against tax avoidance by multinational companies through cross-border financing arrangements.

The Federal Court of Australia on Friday dismissed the company’s appeal of a tax assessment related to the acquisition financing of Singtel Optus in 2001.