Navitas to get $5m boost after UK tax exemption

Company News

by Rachael Jones

Education provider Navitas (ASX:NVT) will get a one-off contribution to is full year profit of $5 million after the UK Supreme Court ruled its subsidiary SAE Education was exempt from valued added tax (VAT), the British equivalent of the GST.

The company can now reclaim VAT and legal costs.

Navitas chief executive David Buckingham says "We are delighted with the ruling of the Supreme Court and we have been advised that there are no further avenues of appeal".

The company is currently in a trading halt pending a further release.

Shares in Navitas (ASX:NVT) Last traded at $5.62.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.