Sars pursues Woolworths over David Jones deal
The dispute between the revenue service and Woolworths relates to services Woolworths acquired to help it execute an equity bridge facility and a rights offer
04 July 2024 - 05:00
The SA Revenue Service (Sars) and Woolworths are at loggerheads over the tax treatment of imported services it procured in 2014 to raise funding to buy Australian retailer David Jones — a deal that later proved disastrous for the group.
The structure of the R21bn deal was such that Woolworths was funded by a combination of existing cash, new debt facilities and equity funding raised by the rights offer...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.