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

 

Parliament Today:

Employment: Locked Out Wairoa Talley Workers Win Case

Thursday’s Employment Court decision should see AFFCO Talley’s Wairoa locked out workers back at work in the next two weeks, says the NZ Meat Workers Union. More>>

Meanwhile:


ALSO:


EMPLOYMENT BILL REPORTED BACK:

The Kids: OECD Report Shows Huge Impact Of Poverty On Education

A new report from the OECD has again highlighted the negative effects of poverty, showing that disadvantaged children in New Zealand are more than six times more likely to underachieve in maths than children from wealthier homes. More>>

ALSO:

Pacific: NZ Pledges $500,000 To Help Address Zika

“With the Zika virus now confirmed in a number of Pacific countries, New Zealand is committed to helping limit the impact and spread of the virus in the region,” says Mr McCully. “New Zealand will provide $250,000 as a contribution to the WHO to implement the Pacific Zika Action Plan, and a further $250,000 to enable countries in the region to respond rapidly if required." More>>

ALSO:

Labour: Police Commissioner 'Doesn’t Get Force Needs'

The Police Commissioner has let down the public and his own force by insisting the police have what they need despite it taking a year to solve a burglary and overwhelming number of officers saying they are under-resourced, says Labour’s Police spokesman Stuart Nash. More>>

ALSO:

Gordon Campbell: On The US Pressure To Expand Our Role In Iraq

Foreign news services are being more forthcoming about what the “next 12 months” will entail – essentially, the defence ministers will be under US pressure to increase their “training” role preparatory to an assault on the city of Mosul in northern Iraq. More>>

ALSO:

Parliament Restarts: Prime Minister’s Statement

Our policy agenda and legislative programme will reflect the Government’s four priorities: • to responsibly manage the Government’s finances • to build a more competitive and productive economy • to deliver better public services to New Zealanders, an • to support the rebuilding of Christchurch. More>>

ALSO:

NZEI Survey Report: Special Needs Students Missing Out

The survey revealed that around 16 percent of students were on schools’ special needs registers, but nearly 90 percent of schools’ special needs coordinators did not believe there was adequate support for students and their learning... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news