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BNZ: tax rules for foreign-owned banks

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.”

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