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Government clamping down on tax dodgers

Government clamping down on tax dodgers

Speaking at the OECD Cash and Hidden Economy Conference today, Revenue Minister Todd McClay reiterated the Government’s commitment to clamping down on tax evasion and avoidance.

“This is an area the Government has invested heavily in and we are starting to see results,” says Mr McClay.

“In Budget 2010, we invested $120 million in going after tax non-compliance; another $78.4 million was further invested in Budget 2012.”

“Last year compliance activity for ‘hidden economy’ tax evasion gave a return of $45 million, $5.60 for every dollar spent. For non-compliance through property speculation, $53.8 million worth of discrepancies were found, a return of $8.42 for every dollar invested.”

“That is money we now have to invest in things like health, education and rebuilding Christchurch.”

“Our opponents claim that we are obsessed with welfare fraud while do nothing about tax dodging, however, this couldn’t be further from the truth.”

“Spending on Welfare Fraud has remained at exactly the same level as it was under the last Government, around $35 million a year, yet the management of debt and outstanding returns by IRD has gone up from $88 million to $125 million in Budget 2013.”

Overall last year, Inland Revenue collected around $4 billion worth of debt and outstanding returns.

“Prevention is always better than the cure, however.”

“Inland Revenue works hard to help people understand their obligations and is constantly finding ways to simplify and speed up compliance for taxpayers.”

“I encourage anyone who may be struggling to meet their obligations to contact Inland Revenue and work out a repayment plan.”

“It is easier for taxpayers if they comply on time than have Inland Revenue chase them up later,” says Mr McClay.

Ends

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