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

 


Budget 2014: Extra $132m for tax compliance

Budget 2014: Extra $132m for tax compliance

Budget 2014 will allocate $132 million to Inland Revenue over the next five years to bolster its tax compliance activities and for chasing up unfiled returns, Revenue Minister Todd McClay says.

Of this, $48.6 million is cash for Inland Revenue to undertake these activities.
The remaining $84 million is to cover tax being written off where this is unlikely to be paid, he says.

“It is estimated that the new funding in Budget 2014 will generate a gross increase in Crown revenue of $297.5 million over the next five years.”

This initiative builds on the success of the Budget 2012 unfiled returns initiative, which focused on reducing outstanding tax return volumes and targeting returns with higher revenue values.

“The great majority of New Zealanders meet their tax obligations voluntarily,” Mr McClay says. “However, when people do not meet their obligations, it is not fair on their neighbours who do.

“When that happens everyone suffers because tax avoidance means less money for health, education and other essential government services that benefit our community.”

Government funding for this work in Budget 2012 has been a worthwhile investment, Mr McClay says.

“Since 1 July 2012, Inland Revenue’s focus on unfiled returns has generated an extra $106 million.”

“Turning a blind-eye to tax non-compliance is not an option – we all must pay our fair share,” Mr McClay says.

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

CPAG: Government Spends Over $100K Pursuing Beneficiary

For the past fifteen years, Kathryn, now in her fifties and living alone with chronic ill health on a benefit, has been challenging the decision by the MSD that she has to pay back $117,000. She has no assets or savings and cannot afford to pay for fresh food or therapy that would improve her health. More>>

ALSO:

Labour: National’s Cuts Shave $100K Off KiwiSaver By Retirement

New analysis shows National’s constant cuts to KiwiSaver will reduce the average worker’s retirement savings by $100,000 over their working life, Leader of the Opposition Andrew Little says... Since coming to office it has made five separate cuts to the scheme." More>>

ALSO:

Auckland: Transport Operators Switch From SuperGold To AT HOP Cards

Seniors using Auckland’s public transport will need to use their AT HOP cards from today but Auckland Transport has requested its operators to show understanding for those customers yet to complete the switch from SuperGold cards. More>>

ALSO:

Crime Stats: Burglary Up 11.9%

“While burglary rates are still below that of recent years, there has been an increase of more than 10 per cent over the past 12 months, which is of concern to Police and something we are determined to tackle,” says Police Commissioner Mike Bush. More>>

ALSO:

Help: Lifeline Aotearoa Fighting For Survival

Lifeline Aotearoa has announced it only has enough money to run for one more year. By 30 June 2017, all available sustainability reserves and funds from a new mortgage on its Auckland property will be exhausted. More>>

ALSO:

Overseas Investment: Auditor-General To Examine OIO

The Auditor-General is to examine how the Overseas Investment Office collects and manages information following a request from the parliament's finance and expenditure committee. More>>

ALSO:

Gordon Campbell: On Bill English Living In Denial

The working poor have been a direct byproduct of the economic policies in vogue for the past 30 years or more, all over the Western world... That anger was evident in the Brexit vote, and it underlies the support for Donald Trump in the United States. More>>

ALSO:

Final Reading Of Parental Leave Bill: Families With New Babies Victims Of Veto

“For the first time ever, a Bill will have a third reading debate and no vote will be taken at the end because the National Government has used its veto – an extreme measure against families,” says the Bill’s sponsor, Labour MP Sue Moroney. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news