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

 


Labour’s tax avoidance policy redundant

Labour’s tax avoidance policy redundant


Revenue Minister Todd McClay has accused Labour of announcing policy on tax avoidance that either misses the point or is completely redundant.

“This National-led Government has an unprecedented record of stamping out tax avoidance. Budgets 2010, 2012 and 2014 included around $330 million of additional spending on tax compliance activities,” Mr McClay says.

“We are seeing some outstanding results from this investment.”

“In 2013 compliance work for ‘hidden economy’ tax evasion gave a return of $45 million, $5.60 for every dollar spent. Going after aggressive tax planning identified $206 million of discrepancies, a return of $42.90 on every dollar!”

“As for the proposal to ‘embed’ IRD auditors to catch multinational tax avoidance, once again this is redundant.”

“Inland Revenue already has in place the Significant Enterprises Initiative targeted at multinational companies and other organisations with an annual turnover in excess of $80 million. These companies are required to provide IRD with copies of their financial statements, tax reconciliations and group structures at return filing time.”

“For the 60 top tax paying corporates, an IRD compliance manager is assigned to sort out tax issues in real time. This lets IRD examine a wider range of multinationals more closely and as a result, multinationals receive far more tailored information requests and audit inquiries.”

“If Labour thinks their policy will make one dollar of difference to Google, Facebook or Apple they need a reality check.”

“New Zealand does not have tax jurisdiction over companies that are not based here, the only way to solve global tax avoidance issues such as base erosion and profit shifting is through international cooperation at the OECD and G20, which is why we are so heavily involved in those initiatives.”

“I suppose we can be thankful that Labour has at least flip-flopped on banning Facebook,” says Mr McClay.

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Departure Speech: Governor-General’s State Farewell Luncheon

"...Unfortunately I was unable to get to the Antarctic, the Chatham Islands and the Kermadecs. A dicky heart thwarted our travel to the Antarctic; and even though I volunteered to parachute into the Kermadecs to join the Young Blake expedition, time, commitments and officials frustrated my plans to visit the Kermadecs and Chathams." More>>

ALSO:

New Research: Most Homeless People Working Or Studying

“The cost of housing has been rising without corresponding increases in income, whilst the number of state houses per capita has been in decline. Many low-income people are missing out on housing, whether we recognise them as ‘homeless’ or not. More>>

ALSO:

Post-Traynor: New Offender Info Sharing Plan

“This Bill delivers on that step-change by moving away from name-based records held by individual agencies to a shared, anchor identity based on unalterable information, such as fingerprints and facial recognition. It also gives agencies access to the drivers’ licence photo database and birth, death and marriages information." More>>

  • NZ Law Foundation - New $2M fund for research on information challenges
  • Littoral: New Ship To Deliver Enhanced Naval Capability

    Defence Minister Gerry Brownlee says the Government has approved a Ministry of Defence and New Zealand Defence Force recommendation to request tenders for a new naval ship to support littoral operations. More>>

    July:

    After King's Labour Snub: Māori Party And Kiingitanga To Work Together

    Māori Party Co-leaders Te Ururoa Flavell and Marama Fox met with Kiingitanga representatives in Wellington yesterday to discuss working together on key issues for the betterment of Māori. More>>

    ALSO:

    Waitangi Claim On Rehabilitation: The 'Justus' System For Māori Not Good Enough

    Closing statements at the Waitangi Tribunal case against Corrections called for immediate steps and a comprehensive review to address the high rate of Māori reoffending. More>>

    ALSO:

    Advice: PM Sets Rules For Ministers' Treatment Of Public Servants

    Prime Minister John Key has laid down the law about the way ministers and public servants should interact, saying ministers may not always like the advice they receive, but they must listen to it carefully, respectfully and professionally. More>>

    Gordon Campbell: On The Funding Changes In Special Needs Education, And Uber

    The plan to strip out the educational support for older “special needs” children in order to meet the existing shortfall in funding for special needs in early childhood education is so miserly and relentlessly stupid as to defy belief… More>>

    SPECIAL EDUCATION (& More):

    Online Learning Plans:

    Get More From Scoop

     

    LATEST HEADLINES

     
     
     
     
     
     
     
     
     
    Parliament
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news