In Minera Las Bambas and another v Glencore Queensland and others, the Court of Appeal addressed several points in relation to the interpretation of a tax covenant given under a share purchase agreement: for tax to be ‘payable’ it must be enforceable; rights to repayment of tax and other tax assets require careful treatment; and limitations which might appear reasonable can have surprising results.
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In Minera Las Bambas and another v Glencore Queensland and others, the Court of Appeal addressed several points in relation to the interpretation of a tax covenant given under a share purchase agreement: for tax to be ‘payable’ it must be enforceable; rights to repayment of tax and other tax assets require careful treatment; and limitations which might appear reasonable can have surprising results.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
