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

Gordon Campbell:
On Andrew Little’s Debut, Mockingjay, And Drunk Texting

John Key’s credibility has taken a hammering this week – at least among the 50% of the electorate who have always had doubts about him on that score.

The other substantial story of the week has been about Andrew Little’s debut as Labour leader, which has received top marks, especially among the 25% of the electorate still voting Labour. According to some reports, the Labour caucus has been ‘in seventh heaven’ about Little’s success this week in taking it to the government in the House. More>>

ALSO:

 
 

Parliament Today:

Gordon Campbell: On Government Arrogance

Right now, National is ramming anti-terrorism measures through Parliament. This legislation will grant the SIS the power to carry out 48 hour bouts of surveillance on anyone without a warrant, and will bestow on government the power to unilaterally revoke anyone’s passports and thus deny them the freedom to travel. More>>

ALSO:

Glenn Inquiry: Report Offers Solutions To Family Violence

The People’s Blueprint unveiled today by Sir Owen Glenn’s independent inquiry into child abuse and domestic violence outlines a new, more cohesive and effective system for reducing New Zealand’s alarmingly high family violence rates. More>>

ALSO:

Environment Commissioner: Changing Climate And Rising Seas - Understanding The Science

A rising sea will be with us for a long time to come – one way or another we will have to adapt. But how high and how fast the water rises will be influenced by the speed at which the world – including New Zealand – reduces greenhouse gas emissions over the coming decades. More>>

ALSO:

Key Texts With Whale Oil Released: PM Can’t Be Trusted Over Dirty Politics Defence - Greens

John Key’s answers to questions about dirty politics can’t be trusted, after he was forced to admit that he had misled journalists and Parliament about contact with attack blogger Cameron Slater, said the Green Party today.. More>>

ALSO:

Temporary Release Crackdown Continues: Corrections Review Of Phillip Smith Case

“The review by Corrections’ Chief Custodial Officer reveals that the plan for Smith’s series of temporary releases was overly ambitious and misinformed. He’s a highly manipulative and deceptive person who although technically eligible, should not have been considered for temporary release." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news