Nov 26, 2009
According to the Tax Working Group, a New Zealand Government sponsored think tank, the country’s tax system is unsustainable. The conclusion was presented in the summary paper of the Tax Working Group’s fifth meeting, published November 25th. Growth, fairness and integrity issues – were concluded to be the primary aspects of the problem.The meeting summary [...]
According to the Tax Working Group, a New Zealand Government sponsored think tank, the country's tax system is unsustainable. The conclusion was presented in the summary paper of the Tax Working Group's fifth meeting, published November 25th. Growth, fairness and integrity issues - were concluded to be the primary aspects of the problem.The meeting summary also stated that the country's tax base needs to be broadened for these to be resolved.
The Tax Working Group is a New Zealand government initiated project, involving ... Read More
Nov 23, 2009
Transparency International, an international non-profit organization aimed at fighting corruption, has released their annual Corruption Perception Index (CPI) survey, on November 17th. The corruption study consists of a ranking of 180 countries based on a corruption score, ranging from zero to ten, with the lower representing a higher level of perceived corruption.
This year, of the [...]
Transparency International, an international non-profit organization aimed at fighting corruption, has released their annual Corruption Perception Index (CPI) survey, on November 17th. The corruption study consists of a ranking of 180 countries based on a corruption score, ranging from zero to ten, with the lower representing a higher level of perceived corruption.
This year, of the countries surveyed, New Zealand was found to be the least corrupt, with Denmark, Singapore, Sweden and Switzerland following. Somalia was the country perceived to have the highest ... Read More
Nov 4, 2009
The New Zealand branch of Westpac Banking Corp has revealed its intention to appeal the New Zealand High Court’s decision on the bank’s tax assessment.
Last month Westpac had challenged an amended assessment of their tax information by the Inland Revenue Department. The New Zealand High Court had decided to dismiss the challenge, leaving Westpac [...]
The New Zealand branch of Westpac Banking Corp has revealed its intention to appeal the New Zealand High Court's decision on the bank's tax assessment.
Last month Westpac had challenged an amended assessment of their tax information by the Inland Revenue Department. The New Zealand High Court had decided to dismiss the challenge, leaving Westpac liable for NZ$586 million in unpaid taxes and a possible NZ$332 in interest. George Frazis, Westpac NZ Chief Executive, said, regarding the appeal decision "In our view ... Read More
Oct 26, 2009
The New Zealand Inland Revenue Department (IRD) and Government figures have given clear indication that the country will see increased pressure on tax evaders in 2010.
According to a submission from the IRD to the government supported Tax Working Group, released October 25th, the government is losing approximately NZ$300 million in taxation receipts annually through money [...]
The New Zealand Inland Revenue Department (IRD) and Government figures have given clear indication that the country will see increased pressure on tax evaders in 2010.
According to a submission from the IRD to the government supported Tax Working Group, released October 25th, the government is losing approximately NZ$300 million in taxation receipts annually through money hidden in trust accounts. The total tax evasion amount is only increased when companies created purely for the purpose of tax avoidance are considered. Statements by ... Read More
