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


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news