Loblaw Cos. Ltd. says it will appeal a tax court decision that leaves the grocery chain on the hook for a $368 million charge connected to one of its banking subsidiaries in Barbados. Loblaw says the court found the retailer did not take steps to avoid Canadian tax and reduced the amount of taxes assessed against the company down from what was initially sought. But the court's interpretation of a technical provision in the legislation means the grocery chain must nonetheless pay $368 million in taxes and penalties. "We are pleased with the court's finding that Loblaw did not take any steps to avoid Canadian tax," Loblaws president Sarah Davis said. Regardless of the outcome of any appeal, Loblaws says it will take an accounting charge of 98 cents a share in its current third quarter financial results to cover the costs.

Source: CBC News September 10, 2018 14:15 UTC