Australian micro-investing platform Raiz hits record low on tax compliance issues
BUZZ-Australian micro-investing platform Raiz hits record low on tax compliance issues ** Shares of Raiz Invest RZI.AX fall as much as 48% to a record low of A$0.26
** Stock logs largest intraday pct drop in its history
** Raiz identifies historical tax compliance matters relating to tax file number (TFN) and Australian Business Number (ABN) withholding and reporting obligations, in respect of certain funds offered throuhg Raiz platform in 2015
** Co proactively notifies Australian Taxation Office (ATO) and Australian Securities and Ivestments Commission (ASIC) about the matters
** RZI elaborates that when an investor doesn't provide a TFN/ABN, tax must be withheld and then remitted to the ATO; its review found that this withholding was not earlier applied
** RZI says its board is not yet able to estimate potential financial impact from these complications
** Stock down 56.2% YTD, including the day's move
(Reporting by Rudrannsh Mehra in Bengaluru)
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