Jewellery company Michael Hill International is paying out $30.3 million to settle a tax dispute with Inland Revenue. The directors of Michael Hill announced today that a confidential settlement brought a close to the dispute that arose in late 2008 when the company shifted its main operations to Australia. The company said in a statement an additional tax liability of $30.3m for the period ending June 2015 will be recognised by the company. The tax bill won't have any impact on Michael Hill's ongoing operations and won't affect the planned roll out of new stores, the statement said. This year the company has made the ASX its primary listing, with the NZX a secondary listing, and announced long-standing CEO Mike Parsell would be stepping down.

Source: New Zealand Herald August 17, 2016 05:03 UTC