Finance and InsuranceOffshore

Songa settles Australian tax dispute

Photo of Sam Chambers Sam ChambersSeptember 7, 2015
3 Less than a minute

Songa Offshore has settled a long-standing spat with Australian tax authorities, agreeing to pay A$1.2m ($0.8m).

The case dates back to May 2009 when Songa changed its local operations from an owner operated structure to a bareboat structure. The potential liability for Songa over three years in Australia had stood as high as A$88.8m, inclusive of interest and penalties.

A provision has been made in the second quarter 2015 interim financial statement, Songa said in a release to the Oslo Bors.

 

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Photo of Sam Chambers Sam ChambersSeptember 7, 2015
3 Less than a minute
Photo of Sam Chambers

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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