Inland Revenue's tax avoidance draft welcomed

Sunday 26 September 2004

A tax specialist has welcomed Inland Revenue's decision to release a draft statement on the principles of tax avoidance. Peter Boyce, tax partner with PricewaterhouseCoopers, described the decision to define what constitutes tax avoidance as a significant step forward.

By The Landlord

Mr Boyce said there was confusion on the subject. Understanding when it applied was one of the most important and difficult issues facing taxpayers.

Problems arose when the legislation intended taxpayers to take advantage of concessions in the law, but did not define where those benefits ended.

The draft document is available on the IRD's website, www.ird.govt.nz, and submissions close on December 17.

Read More - Opens in a new window
Commenting is closed

Property News

Major industrial development powers on

It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.

House Prices

House price drops are short-lived - Alexander

Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.

Commercial

Resilience needed in face of change

The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.

Mortgages

Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

Site by PHP Developer