Banks and tax avoidance

Written By: - Date published: 9:16 pm, June 28th, 2009 - 1 comment
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The appeal by the BNZ against the IRD assessment of $466 million for avoiding income tax has wound up in the High Court and the decision is still to appear.

We don’t know yet whether our Finance Select Committee will conduct an enquiry into the banks’ interest rate margins. The Prime Minister and Finance Minister seem to have gone cold on the idea.

But the British Chancellor is coming down hard on British banks and tax avoidance, preparing to ‘name and shame’ tax avoiding banks, according to the Guardian newspaper.

The Guardian has been conducting an extensive investigation into corporate tax avoidance. It’s well worth a look.

So would an enquiry into the banks be here.

One comment on “Banks and tax avoidance ”

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  1. Phil (not Goff) 1
    29 June 2009 at 11:49 pm

    We don’t know yet whether our Finance Select Committee will conduct an enquiry into the banks’ interest rate margins. The Prime Minister and Finance Minister seem to have gone cold on the idea.

    I suspect for very good reason – there simply isn’t a case to answer.

    Check out figure 4.6 here:
    http://rbnz.govt.nz/finstab/fsreport/3631105.pdf

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