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

 

Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>

ALSO:

Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>

ALSO:

Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>

ALSO:

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news