Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Changes To Privilege For Tax Advice Welcomed

14 September 2004

Changes To Privilege For Tax Advice Welcomed

The Institute of Chartered Accountants of New Zealand has welcomed the news that the tax advice its members give to their clients will soon be covered by statutory privilege. The Government announced today that legislation to extend statutory privilege to tax advice provided by tax advisors such as Chartered Accountants will be introduced in November.

Institute Chief Executive Garry Muriwai said the proposed change was a positive move that was in the public interest. "The new privilege means that taxpayers will be able to seek advice from the best available specialist for their needs, knowing that the advice they receive will remain confidential," Mr Muriwai said.

"The change achieves the right balance between ensuring confidentiality for advisor-client information and ensuring that Inland Revenue has access to sufficient information to do its job of administering and enforcing the Revenue Acts. "Taxpayers can freely seek advice from Chartered Accountants knowing that the advice will not be accessed by Inland Revenue.

At the same time, Inland Revenue know that the facts of any actual transaction continue to be available to them." Mr Muriwai said that the new privilege would require legislative change and also operational changes to the way that Inland Revenue requests information. "The Institute will work closely with Inland Revenue to ensure that the privilege works in the public interest," he said.


© Scoop Media

Business Headlines | Sci-Tech Headlines


CO2 And Water: Fonterra's Environment Plans

Federated Farmers support Fonterra’s bold push to get to zero emissions of CO2 on the manufacturing side of the Co-operative, both in New Zealand and across its global network. More>>


Fisheries: Decision To Delay Monitoring ‘Fatally Flawed’

Conservation group representatives say a decision by the new Minister of Fisheries, Stuart Nash, to delay implementation of camera monitoring of fishing efforts in New Zealand is ‘fatally flawed’. More>>


Kaikōura Quakes: One Year On

State Highway One and the railway were blocked by damage and slips and the Inland Road suffered significant damage. Farms, homes and businesses suffered building and land damage. Power and internet went down, drinking water systems, sewage systems and local roads were all badly affected... More>>