Commonwealth Brewery pays more in taxes to the Government per annum than it earns in profits, contributing $29 million to the Public Treasury in 2010, in what is effectively a 60/40 split with profits.

Given the $19.126 million net profit generated by Commonwealth Brewery in 2010, Michael Anderson, president of RoyalFidelity Merchant Bank & Trust, which is acting as placement agent for the company's upcoming $62.5 million initial public offering (IPO), said the company was facing a "6o per cent tax, 40 per cent profit" split. He described the firm's tax burden as "really a large number for a tax-free country".

LeRoy Archer, Com ...

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