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

 


NZ Businesses Buck Trend On Wanting More Tax Guidance

News release

23 May 2013  

New Zealand Businesses Buck Trend On Wanting More Tax Guidance

New Zealand businesses don’t want as much tax guidance as their overseas counterparts, according to the latest research from the Grant Thornton International Business Report.

It reveals that two-thirds (68%) of businesses worldwide would like more tax guidance, even if this provided less opportunity to reduce tax liabilities across borders. Only 47% of New Zealand businesses would want such advice.

The New Zealand figures are more in line with the North American region with just 54% in agreement, compared with 67% of Asia-Pacific businesses and 75% of eurozone businesses.

Geordie Hooft, tax partner, Grant Thornton New Zealand, said that this is a surprising result given the greater level of scrutiny being placed by tax authorities worldwide on the shifting of profits from country to country for a tax advantage.

“In New Zealand, the recent high-profile examples involving Amazon, Google and Starbucks have certainly sharpened public opinion as to what is acceptable tax planning. You would think the majority of business leaders would also welcome more transparency,” said Hooft.

“The lack of certainty around the Courts’ new approach to interpreting what constitutes tax avoidance may be perceived by some as bringing greater risk of being targeted for investigation.”

New Zealand business leaders were somewhat less critical of our tax laws and policies than business leaders from around the world. Fifty per cent said these were geared to stimulate economic growth compared with the global average of 31%.

“It seems that New Zealand businesses are reasonably happy across the board, with 60% believing our tax system encourages compliance against a global average of 37%, and 54% believing that taxpayers are being charged correctly compared with a global average of 28%.

“The other interesting finding was that 80% of New Zealand businesses were not planning to make their tax affairs more transparent to investors, stakeholders and the general public over the next 12 months against a global average of 53%.

“Much of this could be put down to businesses not wanting to disclose their tax strategies, particularly around transfer pricing,” he said.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: SkyCity Lifts Minimum Convention Centre Investment To $430M

SkyCity Entertainment Group, the casino operator, has lifted the minimum it will invest in the Auckland International Convention Centre to $430 million and said total costs including land may be $450 million to $470 million. More>>

Statistics: Drop In Dairy Prices Leads Fall In Exports

Total goods exports fell $240 million (5.5 percent) to $4.2 billion in April 2015 compared with April 2014, Statistics New Zealand said today. More>>

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>


Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>

BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news