Australian tax authorities have launched a surprise action against US buy-out firm TPG, reports the WSJ. The Australian Taxation Office is pursuing more than $620m in taxes and penalties from TPG over its recent IPO of retail chain Myer. Tax officials argue that TPG set up its ownership structure of Myer as a tax-avoidance plot, using a network of companies in the Netherlands, Luxembourg and the Cayman Islands to funnel Myer profits out of Australia without paying taxes there.

This entry was posted by Gwen Robinson on Wednesday, November 25th, 2009 at 4:34 and is filed under Capital markets, Private equity. Edit this entry.