4 Nov 2009

Westpac to appeal tax ruling

6:10 am on 4 November 2009

Westpac plans to appeal against a High Court decision that ruled it owed almost $1 billion in taxes.

The High Court in Auckland last month found Westpac is liable for $961 million in back taxes, for using structured finance transactions between 1998 and 2002 to avoid paying tax.

Westpac's chief executive George Frazis says the bank has reviewed the decision and considers an appeal is justified.