Alcoa (AA) unit Alcoa of Australia said Wednesday that the Administrative Review Tribunal of Australia ruled in favor of the company in its tax dispute with the Australian Taxation Office.
The dispute relates to the transfer pricing of certain historic third-party alumina sales, of which the taxation office claimed Alcoa owed additional tax, but the review tribunal has decided that no additional tax is payable, the company said.
The taxation office has 28 days to appeal the review tribunal's decision, but all disputed tax claims will be withdrawn if it does not appeal. If claims are withdrawn, $67 million is expected to be refunded to Alcoa in June. In addition, cash taxes of about $216 million related to the interest deductions would be payable by Alcoa by June 1, 2026, the company added.
The net cash impact of both the refunded amount and the accrued cash taxes will be about $149 million over the next 14 months, the company said.
Shares of the company fell 3.4% in recent trading.
Price: 24.34, Change: -0.85, Percent Change: -3.37
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