Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Copeland: Banks might owe almost $2 billion in taxes

Media statement
For immediate release
Thursday, 30 March 2006

Copeland: Banks might owe almost $2 billion in back taxes

United Future MP and revenue spokesperson, Gordon Copeland, today expressed his disappointment that, according to information provided by the Inland Revenue Department, the amount of tax in dispute with ANZ-National, ASB, BNZ, and Westpac banks totals $1.935 billion, including tax and interest.

"Frankly I am staggered to learn that the better part of $2 billion is involved in relation to short-paid taxes by the banks," said Mr Copeland.

"At different times the banks have, to their credit, come clean about the amount in dispute with the IRD but a figure of $2 billion is big bucks in anyone's language.

"It would buy a lot of pharmaceuticals, university scholarships, new hospital facilities, and learning aids such as computers at our schools.

"If these Australian banks are to maintain the confidence of their New Zealand customers then they need to be seen to be good corporate citizens, pulling their weight when it comes to taxation like the rest of us.

"After all, nurses working in intensive care, hard pressed school principals, not to mention your average working kiwi battler, pay their full share of our taxation burden - in fact they have no choice in the matter under our PAYE system - so at the end of the day this is not just about tax, it is also about fairness, justice and equity."

Mr Copeland expressed the hope that the banks would settle these disputes, and settle quickly, keeping those principles in mind.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Lest We Forget: ANZAC Day - WWI 100 Year Anniversary

The Governor-General, The Rt Hon Dame Patsy Reddy, GNZM, QSO, will represent the people of New Zealand at the 2018 Anzac Day commemorations in Gallipoli. On Anzac Day, Dame Patsy will speak at the Joint New Zealand and Australian Dawn Service in Anzac Cove, and at the New Zealand Commemorative Service at Chunuk Bair later that morning... More>>


HiveMind: Fair Enough? How Should New Zealanders Be Taxed?

Have Your Say - Scoop and PEP invite you to share your issues, ideas and perspectives on the NZ tax system with other New Zealanders using Scoop’s HiveMind tool. This Tax HiveMind is intended to complement and feed into the review being run by the Government-appointed Tax Working Group (TWG), which is looking at the fairness, balance and structure of the tax system with a 10-year time horizon. More>>


Gordon Campbell: On Thompson + Clark & Russia’s World Cup

Daily, the coalition government keeps running into examples of the toxic legacy left behind by National – and just as regularly, even the simple fixes are proving stubbornly difficult to enact. Take the case of the security firm Thompson + Clark ... More>>


Gordon Campbell: On The GCSB’s Security Hang-Up With Russia

So our GCSB has chimed in, alongside its British, Australian and US allies, with warnings about a “fresh wave” of Russian cyber attacks, although the warning has been curiously framed. More>>


PM's Europe Trip: CHOGM & Bilateral Meetings

Prime Minister Jacinda Ardern is in Europe for the Commonwealth Heads of Government Meeting (CHOGM) in London and meetings with counterparts in Paris and Berlin. More>>


Addressing Climate Change: No New Offshore Exploration Permits

The Coalition Government is taking an important step to address climate change and create a clean, green and sustainable future for New Zealand, Prime Minister Jacinda Ardern announced today. More>>


Road Safety Summit: Actions To Improve Identified

The Local Government Road Safety Summit held last week identified actions that will lead to lasting changes to road safety in New Zealand, says Associate Transport Minister Julie Anne Genter. More>>





Featured InfoPages