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 LandlordMr 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.
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