Australia's Altium loses most in 2 weeks on tax liability communication

Altium

21/11/2022 24:39

** Shares of software maker Altium Ltd  ALU.AX  drop as much
as 3.8% to A$35.970, on track for their biggest pct loss since
Nov. 7 
    ** Co receives formal communication from the Australian Tax
Office (ATO) asserting tax liability in respect of the 2016 to
2018 tax years is a range from A$21.1 million ($14.08 million)
to A$80.0 million  urn:newsml:reuters.com:*:nTUE6YP1P
    ** Says ALU disagrees with ATO, regards the amended
assessments as "illogical" as it implies an Australian corporate
tax rate of approximately 65% of group profit before tax
    ** Says co intends to defend its position and if necessary,
contest the matter through litigation proceedings
    ** Shares hit their lowest level since Nov. 15 
    ** Stock down 17.3% this year, as of last close, vs a 3.9%
decrease in the benchmark S&P/ASX 200 index  .AXJO  
($1 = 1.4984 Australian dollars)
 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))