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SingTel
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Wilmar - Watch for a Strong Rally to Come!
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vivacious
Supreme |
20-Dec-2021 09:34
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honestly $3 is not bad. Many folks holding this above $4. I will ave down if i were u (if i hv funds)
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JustOnce
Member |
20-Dec-2021 09:29
Yells: "Learning to invest" |
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I got in at 3 dollars.... in perpetual dillema to sell or not to sell. rookie here. My heart ask me to sell, my brain tells me not to. |
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annebelinda
Senior |
20-Dec-2021 09:18
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No but I am able to accede and accept my lost in favor of the current share price situation as another lesson to learn if I still want to continue investing.
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PhillipTan
Supreme |
20-Dec-2021 01:21
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maybe can pick up cheap again when market opens |
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slingshotpro
Senior |
19-Dec-2021 21:05
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If the above tax exposures are assessed to be probable, provisions shall be made in the accounts
The exposures were fully disclosed as contingent liabilities in Singtel?s audited financial statements in prior periods. https://links.sgx.com/1.0.0/corporate-announcements/C8A2K6XAX2FKWC3O/694908_843-sgx.pdf |
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chart_expert123
Master |
19-Dec-2021 17:53
Yells: "Only buy stock with revenue or net cash flow growth!!!!" |
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When Australia gov or policy maker talk bird language, what singtel can do? Once singtel chose to compromise and agree to pay, more will come. When the government sent a foreign mnc to court, it deliver a message, " we don't need you, you are out". It is not as simple as what public can see on the surface. What I can see is singtel face the same issues in India and Australia. The current government is not the party that songtel ventured in. So the current gov can interpret the rules themselves and singtel can do nothing only. Worst may come.
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chart_expert123
Master |
19-Dec-2021 16:41
Yells: "Only buy stock with revenue or net cash flow growth!!!!" |
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Unfortunately, Australia and India are like USA finding troubles to foreign investment company especially the weak one to exploit the taxes, force to sell value assets and etc when the gov turn to opposition party, whole policy can be changed opposite. When USA is no longer support free trading and globalisation, the rules and regulations become useless to restrict gov to follow, so this funny cases surely loss to the policy maker in the court of the country, when singtel want to persuade and defend their rights to UN WTO but WTO is not in operation which are destroyed by USA. Investment from singtel may eventually lose all, sell off and retreat and find new market investment may be better than wasting time with these hooligan | ||
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mrwise
Supreme |
19-Dec-2021 13:46
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$3 !
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annebelinda
Senior |
19-Dec-2021 12:57
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Don' t think this is a booster now. More like a stent bolster that we have been dreamt and cried on for the past month! 
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slingshotpro
Senior |
19-Dec-2021 12:01
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Singtel will kick the can down the road.
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naoshingo
Elite |
19-Dec-2021 11:03
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I think they will uise the cell tower sale gain to pay for the tax........ | ||
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ksangks
Senior |
19-Dec-2021 09:41
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Tomorrow fall below 2.00 ? | ||
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annebelinda
Senior |
19-Dec-2021 09:12
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Too bad, Singtel is jinx! Loh Kean Yew' s badminton got good news, Wood' s golf got good news, Wang Lei' s Gucci products sales got good news. Only Singtel got bad news losing court cases in Australia. What a joker! 
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slingshotpro
Senior |
18-Dec-2021 17:41
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This was announced in Singtel?s 2021 annual report where it stated that no provision for this amount had been made as at Mar 31, 2021.
The telco will "explore available options and determine next steps. It will also ensure material updates are provided to investors on a timely basis?.
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slingshotpro
Senior |
18-Dec-2021 12:20
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I thought it is a positive news? Getting back $89m aud
Singtel noted that STAI?s holding company, SAI, would be entitled to a corresponding refund of withholding tax estimated at 89 million Australian dollars).
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slingshotpro
Senior |
18-Dec-2021 12:17
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Bloomberg Law) ? Australia on Friday 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. Transactions between two wholly owned SingTel units ?differed from those which might be expected to operate between independent enterprises dealing wholly independently with one another,? Judge Mark Kranz Moshinsky wrote for the court. Tax experts warned in the aftermath of the decision that multinationals should expect scrutiny on intra-group financing that doesn?t appear to have taken place at arm?s length?as if it were done between two unrelated parties. The arm?s-length principle is an often-contentious aspect of transfer pricing rules that govern transactions between companies within the same multinational group to make sure they aren?t abused for tax reasons. The Australian Tax Office ?has had a laser focus on multinationals? cross-border financing for many years now,? said Angela Wood, Melbourne-based tax partner at law firm Clayton Utz. ?Transfer pricing, particularly for related-party financing, has been the single most important focus area for the ATO in recent times.? ?The Singtel case has endorsed many key principles that underlie various Australian transfer pricing provisions that have previously been debated,? said Jacqueline McGrath, special counsel at HWL Ebsworth Lawyers, citing the multi-year Chevron and Glencore disputes. Facts of the Case The case stretches back to Singtel?s 2001 purchase of Cable and Wireless Optus Ltd, which operated one of Australia?s largest telecommunications businesses, known locally as Optus. Domestically incorporated Singapore Telecom Australia Investments (STAI) subsequently issued shares and loan notes under a loan note issuance agreement (LNIA) to British Virgin Islands-registered subsidiary SingTel Australia Investments (SAI). STAI became a wholly-owned subsidiary of SAI in 2002, issuing loans and later paying interest to SAI, which is tax resident in Singapore. Both entities have been entirely owned by the parent company SingTel of Singapore. The loan agreements put in place during the purchase process set interest rates due on loans between the two entities, which the ATO took issue with almost 15 years later. In October 2016, the Australian Tax Commissioner contested tax deductions claimed for interest paid on the loans in the tax years ending March 31 2010, 2011, 2012, and 2013. This assessment meant STAI had fewer losses to carry forward for tax purposes from 2010, ultimately meaning it would owe just under 895 million Australian dollars (US$640 million) in additional taxes. In December 2016, STAI lodged objections to the amended assessments, which the commissioner disallowed in 2019. STAI?s appeal against the commissioner?s decisions was the case heard Friday. Singapore Telecommunications Ltd said in a statement: ?After seeking to settle this matter with the ATO in good faith and failing to reach an agreement as to the application of the law, STAI sought clarity from the court process.? Singtel noted that STAI?s holding company, SAI, would be entitled to a corresponding refund of withholding tax estimated at 89 million Australian dollars). Broader Impact Wood and other experts predicted that other significant transfer pricing litigation may arise over time?and these could take years to resolve, in or out of court. Looking ahead, the Singtel ruling suggests intra-company pricing of financing for major investments will continue to be met with closer regulatory scrutiny, said Kristie Schubert, tax partner at HWL Ebsworth Lawyer. ?If the arrangement in question would not have occurred if a member of a multinational group raised debt from a third party, it is then likely to come under scrutiny and could prove difficult to defend,? Schubert said. ?The case is a timely reminder of the heavy evidentiary burden in transfer pricing cases, should a matter not be resolved and proceed to litigation.? ?The merging of quantitative and qualitative considerations makes establishing what is an arm?s length rate increasingly complex,? she added. ?In the context of a loan, ratings agencies may view credit risk differently and base their decisions on different assumptions?or give more weight to certain risks or considerations.? Her colleague McGrath pointed out that that such transfer pricing provisions often require highly specialised factual knowledge and voluminous documentation should a regulator review transactions years after they actually take place. Singtel has 28 days within which to file an appeal, Wood said. ?The Singtel Group will consider the details of today?s judgment, explore available options and determine next steps,? the company said Friday. ?It will also ensure material updates are provided to investors on a timely basis.? It is committed to complying with tax obligations in markets where it has operations, it said, and noted that STAI is a significant taxpayer in Australia. The ATO didn?t immediately respond to a request for comment. The case is VID1231/2019: Singapore Telecom Australia Investments Pty Ltd v Commissioner of Taxation [2021] FCA 1597. |
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Zerocool888
Master |
18-Dec-2021 12:16
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Hiya, just hold for long term benefits bro. 2022 will be a better year. For those who can' t wait, the door is always open. Hahaha.... Long holders are not effected by this kind of news. Only shortists come in to create tiny mini fear. You will be surprise the amount of shortists that are in here. |
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slingshotpro
Senior |
18-Dec-2021 12:11
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Is this tax paid already? If yes, then nothing will happen on Monday
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slingshotpro
Senior |
18-Dec-2021 11:58
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https://www.smh.com.au/business/companies/singtel-fighting-330-million-tax-bill-from-2001-optus-purchase-20161110-gsmgwr.html
Singapore Telecommunications will "vigorously defend" a $326 million tax bill it received last week from the Australian Tax Office, dating back to its takeover of Optus in 2001 for $17.2 billion. This is the first time Singtel has revealed the size of the potential bill. Singapore Telecom Australia Investments Pty Ltd first received a tax position paper from ATO in late 2013, and then a Statement of Audit in late 2014. In 2015, Singtel received a final Statement of Audit Position, and then in July this year it received the outcome of an Independent Review, an internal service offered by the ATO to large corporations.It informed shareholders in it's first quarter results that Singtel has not yet made a provision for the tax bill. And then on Thursday Singtel noted in its quarterly results it may pay the tax bill from the current financial year's free cash flow. It estimates free cash flow of $1.4 billion, but a footnote added this figure is "excluding payment to the Australian Tax Office (ATO) in respect of the amended assessments received on 2 November 2016 from the determinations on the acquisition financing of Optus". A spokeswoman confirmed it had received an updated assessment. "The amended assessments amount to A$326 million, comprising primary tax of A$268 million and interest of A$58 million. We intend to vigorously defend the claim, including pursing all avenues of objection as appropriate," she said. A spokesperson for the ATO declined to comment on Singtel's case, but said it is "resolutely tackling tax avoidance and ensuring multinationals and large companies pay the right amount of tax in Australia". "We have been overt that we are actively pursuing intra-company financing and other arrangements multinationals and large companies put in place to avoid paying tax in Australia. The majority of large corporates pay the right amount of tax in Australia and are open and transparent in their dealings with us." 2016 news |
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Joelton
Supreme |
18-Dec-2021 11:10
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Singtel' s Australian unit receives unfavourable judgment in court dispute with Australian Taxation Office
SINGTEL announced in a bourse filing on Friday (Dec 17) that its Australian subsidiary Singapore Telecom Australia Investments (STAI) has received an unfavourable judgment from the Federal Court of Australia in its dispute with the Australian Taxation Office (ATO)
The court case is in relation to the acquisition financing of Singtel Optus in 2001.
In 2016 and 2017, STAI received amended assessments from the ATO comprising a primary tax of A$268 million (S$261.8 million), interest of A$58 million and penalties of A$67 million.
STAI' s holding company, Singtel Australia Investment, would be entitled to a corresponding refund of withholding tax estimated at A$89 million.
After seeking to settle the matter with the ATO in good faith and failing to reach an agreement, STAI had decided to seek clarity from the court process.
Singtel said that the group is committed to complying with tax obligations in markets where it has operations. STAI, as the head tax entity of the Optus group, continues to be a significant taxpayer in Australia, said Singtel.
" The group will consider the details of today' s judgment, explore available options and determine next steps. It will also ensure material updates are provided to investors on a timely basis," said Singtel.
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