BNZ: tax rules for foreign-owned banks

Wednesday, 22 September 2004, 8:42 am
Press Release: Bank of New Zealand

Bank of New Zealand comments on the proposed changes to tax rules for foreign-owned banks

Bank of New Zealand has responded to comments made by Finance Minister Michael Cullen today on the proposed changes to tax rules for foreign-owned banks.

Bank of New Zealand Chief Financial Officer Mark Hosking said they are looking forward to seeing the taxation bill in its final form, having provided input during the Government’s consultation process.

“Bank of New Zealand has always paid the correct amount of tax and will continue to do so going forward. We welcome the clarity that this new legislation will enact.

Until we know the specifics of the proposed legislation it is impossible to predict the exact impact on the Bank, however we are confident that we can readily meet the proposed capital requirements.”

Bank of New Zealand

Be good with money

Bank of New Zealand (BNZ) has been a big part of New Zealand life for over 150 years since its foundation in 1861. The bank employs over 5,000 people and has more than 170 retail stores and 32 Partners business centres across the country.

Passionate about enabling a higher achieving New Zealand, BNZ works with personal, business, agri, and private wealth clients, helping them grow and make their goals a reality.

A subsidiary of the National Australia Bank Group of companies, BNZ is governed locally by a Board of Directors and strives to help New Zealanders be good with money.

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Website - www.bnz.co.nz
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