Nats won’t follow Australia and UK in crackdown on multinational tax avoidance
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- Date published:
9:30 am, July 23rd, 2017 - 14 comments
Categories: accountability, capitalism, class war, Judith Collins, national, tax -
Tags: BEPS, multinational corporations, oecd, tax, tax evasion
If you’re an ordinary Kiwi the government will pursue you to the ends of the earth for every last tax dollar. If you’re a big wealthy multinational corporation – meh.
Govt shies away from ‘draconian’ penalty to stop multinational tax dodgers
Tax avoidance by multinationals is better dealt with by an international treaty than harsher measures brought in by Australia and the United Kingdom, Revenue Minister Judith Collins says.
In an interview with TV3’s The Nation, the minister said she had not ruled out the idea of diverted profit tax, which comes into effect in Australia this month for global companies.
But Collins said the 40 per cent tax penalty Australia was using was “very draconian”.
What’s Australia doesn’t seem to think so. A fine is considerably less “draconian” than what the law allows for domestic tax evasion – why the special treatment for multinationals?
”That is a pretty harsh measure which might sound great, but even Australia is saying they’re expecting $100m and the size of their economy [is] five or six times our size.
Assuming this estimate is honest and correct – 20 million isn’t worth the bother of collecting? Since when?
“We believe we can get pretty much the same result or even better working with the the OECD.” The Government’s preference is to be part of an OECD’s treaty on BEPS (base erosion and profit shifting), which aims to stop loopholes letting companies to shift profits to low or no-tax locations.
That excuse is just waffle. The BEPS is all well and good, and NZ has recently joined, fine. But Australia and the UK are also in BEPS, they don’t consider it enough, They have additional measures as noted above. So why no additional measures in NZ? Why won’t the Nats follow Australia and UK in a crackdown on multinational tax avoidance?
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Break out the punchlines and dust off your meme folder: Green Party MP Kahurangi Carter’s Copyright (Parody and Satire) Amendment Bill was pulled from the Ballot yesterday. ...2 weeks ago
- Release: Poroporoaki: Ta Robert (Bom) Gillies
Kua hinga te manawa kairākau o Te Rua Tekau Ma Waru Tiwhatiwha te po! Kakarauru i te po! Ka rapuhia kei hea koe kua riro! Haere e te Ika a Whiro ki o tini hoa kua ngaro atu ki te Pō ...2 weeks ago
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The opposition parties stand united for an Aotearoa that honours Te Tiriti, rather than seeking to rewrite it. Labour, the Greens and Te Pāti Māori are working together against the Government’s divisive Treaty Principles Bill. ...2 weeks ago
- Release: Labour, Greens and Te Pāti Māori call on the Prime Minister to block the Treaty Principle...
The opposition parties stand united for an Aotearoa that honours Te Tiriti, rather than seeking to rewrite it. Labour, the Greens and Te Pāti Māori are working together against the Government’s divisive Treaty Principles Bill. ...2 weeks ago
- NZ must pursue independent foreign policy
The Green Party says the need is greater than ever for Aotearoa New Zealand to pursue an independent foreign policy. ...2 weeks ago
- Release: Winston Peters must apologise
The Deputy Prime Minister should apologise to the public servant he named and blamed for something they did not do, and for misusing the rules of Parliament. ...2 weeks ago
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The Government is taking action to ensure Southland farmers and growers are not affected by unreasonable regional farm plan deadlines, Agriculture Minister Todd McClay, Environment Minister Penny Simmonds and Associate Environment Minister Andrew Hoggard say.“Cabinet has agreed to provide more time for farmers and growers to comply with regional rules ...16 hours ago - Bill reaffirms Government’s commitment to crack down on serious youth offending
The Oranga Tamariki (Responding to Serious Youth Offending) Bill had its first reading at Parliament today. The Bill reaffirms the Government’s commitment to crack down on serious youth offending, Minister for Children Karen Chhour says. “In recent years we have seen an unacceptable spike in youth offending. “This Bill makes ...16 hours ago
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- State of the art radiology machine for Auckland
People in Northland and Auckland will benefit from a new machine for cancer treatment installed at the Regional Cancer and Blood Service at Auckland City Hospital. The MV5 linear accelerator, or LINAC machine, officially opened today targets cancer tumours with pinpoint accuracy. Health Minister Dr Shane Reti says this new, ...17 hours ago
- Foreign Minister to visit Europe
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- First arrests made under gang patch ban
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- Better support for victims of sexual violence
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- MSA pilot participant update
One of the ten young men selected to participate in the Military-Style Academy Pilot has allegedly reoffended. Children’s Minister Karen Chhour is disappointed but says it would be naïve to think that none of these young men would reoffend. “I’m saddened that this young person has not taken this opportunity ...21 hours ago
- Attendance rates increase, again
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- Improving the lives of young New Zealanders
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- Government continues work to reinstate livestock exports by sea
The Government is reinstating the trade of livestock exports by sea while ensuring the highest standards of animal welfare, says Associate Minister of Agriculture Andrew Hoggard.“The Government will introduce legislation changes to reinstate the trade, enhance oversight, and strengthen requirements for exporters to identify risks and manage the welfare of ...2 days ago
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Tēnā koutou katoa – it is a pleasure to be here today. I would like to begin by acknowledging the important leadership role you all play in ensuring a quality health system New Zealanders can trust. There is enormous clinical expertise in this room covering a wide range of disciplines. ...2 days ago
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Tēnā koutou katoa. Mr President, Excellencies, Delegates. New Zealand, and all nations represented here today, are already dealing with the impacts of climate change. Our households, businesses, and economies are bearing the costs of its effects. The choices we make now will shape the severity of these impacts for generations ...2 days ago
- Latest Quarterly Investment Report released
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- New Zealand supporting loss and damage fund
Climate Change Minister Simon Watts announced New Zealand will contribute NZ$10 million to the new Fund for Responding to Loss and Damage while at the annual United Nations Climate Change Conference (COP29) in Baku, Azerbaijan. “New Zealand is joining the global effort to address the significant challenge of responding to ...2 days ago
- Gang crackdown begins at stroke of midnight
The free ride for gangs is over when the clock strikes midnight tonight, with tough new laws officially coming into effect, Justice Minister Paul Goldsmith and Police Minister Mark Mitchell say. “Gang patches will no longer be able to be worn in public. To earn the right to wear a ...2 days ago
- LGFA increases borrowing capacity to support high growth councils
The Government is welcoming the decision by the Local Government Funding Agency to increase access to financing tools for fast growing councils to support greater investment in critical infrastructure, Local Government Minister Simeon Brown says.“Communities across the country are facing an infrastructure deficit and significant population growth is projected in ...2 days ago
- Temporary Traffic Management costs revealed
The Government has revealed that over the past three years, the New Zealand Transport Agency (NZTA) has spent an eyewatering $786 million of taxpayers’ money on road cones and temporary traffic management (TTM), Transport Minister Simeon Brown says.“When I became Minister, I was surprised to learn that that NZTA did ...2 days ago
- Jurisdiction of Disputes Tribunal to double
Legislation that will double the financial jurisdiction of the Disputes Tribunal from $30,000 to $60,000 has passed first reading in Parliament today, Justice Minister Paul Goldsmith. “We need to improve court timeliness and access to justice so that Kiwis and get on with their lives. Court delays affect everyone, the ...3 days ago
- Protecting New Zealand from foreign interference
Legislation that will specifically criminalise foreign interference and strengthen espionage offences has passed first reading in Parliament today, Justice Minister Paul Goldsmith says. “It is normal and appropriate for states to interact and work to influence one another. This encourages cooperation and can have mutually beneficial outcomes. “However, the reality ...3 days ago
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Transport Minister Simeon Brown has welcomed news that the NZ Transport Agency (NZTA) Board has approved funding towards pre-implementation and early works on the State Highway 1 (SH1) Belfast to Pegasus Motorway and Woodend Bypass Road of National Significance (RoNS). “Reaching this significant milestone is a reflection of our Government’s ...3 days ago
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- Police stats show promising change
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- Better coordination of anti-scam efforts
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- Minister to consider 7AA select committee report
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- Defence Minister to attend ASEAN meeting
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- Launching the White Ribbon Ride
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- NZ signs trade deal with Costa Rica, Iceland and Switzerland
Trade and Agriculture Minister Todd McClay has signed a pioneering trade agreement that prioritises New Zealand’s sustainable exports at a ceremony during APEC in Peru today. “The Agreement on Trade and Sustainability (ACCTS), between Costa Rica, Iceland, and Switzerland was concluded in July of this year and opens up significant ...6 days ago
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Five new Aquaculture Settlement Areas will help ensure Ngāi Tahu shares in the opportunities aquaculture offers for Southland’s economy, Oceans and Fisheries Minister Shane Jones says. “The Aquaculture Settlement Areas (ASAs) I’m announcing today set aside space so the Crown and Ngāi Tahu can assess their potential for aquaculture development. ...7 days ago
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- Speech to Social Investment Hui: Jack and his whānau need our help
Kia ora koutou katoa. Nau mai, haere mai, piki mai. Ki te mihi atu ahau, ki te manwhenua nei, Te Atiawa, Ngāti toa rangatira, tēnā koutou, tēnā koutou, tēnā koutou katoa. Thank you, Andy, for your introduction. Let me acknowledge you as the new Chief Executive of the Social Investment ...7 days ago
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Toitū te taiao – Our environment endures The Government is consulting on proposals to modernise New Zealand’s conservation management system, aiming to protect relevant natural areas while supporting sustainable growth in tourism and regional economies, Conservation Minister Tama Potaka says. “Today, the Department of Conservation – Te Papa Atawhai is ...1 week ago
- Knowing superstitions aren’t real doesn’t stop us behaving superstitiously – why?
Source: The Conversation (Au and NZ) – By Stephanie Gomes-Ng, Senior Lecturer of Psychology, Auckland University of Technology Getty Images Former New Zealand prime minister John Key has three white rabbits painted on his helicopter, a nod to his “massively superstitious” habit of repeating “white rabbits” three times at ...2 hours ago - Government slammed for pushing ahead with boot camps while trial still under way
The coalition has "absolutely no intention of listening to the evidence that comes out of their experiment", Labour MP says. ...3 hours ago - Smoke and mirrors in heated tobacco debate
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Labour claims Government is ‘cherry-picking’ smoking trends data to hide decade-first increase in daily smokers The post Smoke and mirrors in tobacco debate appeared first on Newsroom. ...3 hours ago
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A man abused by a former political figure is "immensely relieved" at a government proposal to end secrecy around sex offenders' identities. ...3 hours ago
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There is plenty yet to play out, but the next election is at this rate shaping up as trio versus trio, writes Toby Manhire. A subplot of this week’s historic hīkoi mō te Tiriti has been the sight of the three opposition parties presenting a unified front. Te Pāti Māori ...4 hours ago - All 33 malls in Auckland ranked from worst to best
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Loading…(function(i,s,o,g,r,a,m){var ql=document.querySelectorAll('A[data-quiz],DIV[data-quiz]'); if(ql){if(ql.length){for(var k=0;k<ql.length;k++){ql[k].id='quiz-embed-'+k;ql[k].href="javascript:var i=document.getElementById('quiz-embed-"+k+"');try{qz.startQuiz(i)}catch(e){i.start=1;i.style.cursor='wait';i.style.opacity='0.5'};void(0);"}}};i['QP']=r;i[r]=i[r]||function(){(i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o),m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m)})(window,document,'script','https://take.quiz-maker.com/3012/CDN/quiz-embed-v1.js','qp');Got a good quiz question? Send Newsroom your questions.The post Newsroom daily quiz, Friday 22 November appeared first on Newsroom. ...4 hours ago
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Prime Minister Christopher Luxon did not meet the Treaty Principles Bill hikoi crowd, sees “nothing” of merit in the Act-proposed law but the Parliament his Government dominates will spend six months debating a “divisive” measure.That’s because he has accepted there needs to be “aeration” of people’s views on the Treaty, ...4 hours ago
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Maybe Judith isn’t willing to crack down on multinational tax avoidance because it could upset her husbands offshore business colleagues?
+111
Panamanian bank accounts.
The Panamanian monk has now resigned, we were to be the Financial Hub of the South Pacific ?
The Switzerland of the South Pacific ?
Maybe Crusher Collins is going a bit soft; she seems to have lost her bark.
I’m all for draconian and even more for very draconian when it comes to levelling the playing field.
“I’m all for draconian and even more for very draconian when it comes to levelling the playing field.”
So you support forced equality of outcome, regardless of effort?
We might have more sympathy for her ‘effort’ if she did not indulge in large scale and systematic lawbreaking with respect to unprocessed kauri.
If that was truly the case then why do we have bi-lateral trade agreements? Surely, it would be better to have a global organisation with global rules?
Oh, wait…
We do have such an organisation and such rules.
Everyone seems to be ignoring it lately and going off on their own.
This would indicate that it’s actually not better than having good local rules.
Can’t go round having the rich pay tax now can we? Hell, they may not actually remain rich if we held them to the same account as beneficiaries.
The more things change the more they stay the same……for those with wealth.
Nationals bill boards are spot on…… New Zealand is number one for the rich.
Number one for tax fraud.
Easier (and better politically) to go after benes…..
Multinationals are nothing but parasites which destroy local industry and businesses, the National Party need to wake up ?
Much easier to focus on beneficaries and taxing paper delivery boys ?
National represent the multinationals so this is entirely predictable
NATIONAL = NO SERIOUS POLITICAL WILL TO PRODUCE ANY GOOD POLICY TO RE SKILL OUR YOUNG AS WE IN 1960’S HAD.
[lprent: Banned for 1 week for SHOUTING. ]
A crackdown on something that’s legal? What’s next – a crackdown on Mars Bars?