The week’s tax news in one handy summary.
NEW ZEALAND TAX
- Governments of both hues regularly raise/lower ACC levies as a form of under the counter “taxes” | ACC’s hefty road user levy hikes
- As a consequence the High Court has ruled Glenn’s company could have access to court documents in the dispute between Cullen Group and the Inland Revenue | Eric Watson ‘unable to pay rival’ Sir Owen Glenn, court told
- Apart from reservations about whether Inland Revenue will be ready, the other issue for Inland Revenue is managing expectations | 115,000 Kiwis to get tax bill for first time
- I spoke to @jacktame on @Breakfaston1 this morning on the changes coming next April | Tax expert warns of ‘teething issues’ as IRD face major changes affecting thousands of Kiwis … via @1NewsNZ
- Criticism is fair particularly as the IRD test model isn’t very user friendly. Also we should be concerned that the owner is afraid to speak publicly on the topic | Stealth tax – small biz owner slams IRD payday changes
- Would be interesting to see similar data from @NZInlandRevenue At a guess the banks and the New Zealand Superannuation Fund would pay at least 20% of corporate income tax | Ten companies pay 45% of all corporate tax in Australia
UNITED KINGDOM TAX
- Unsurprisingly, HMRC does not agree | HMRC is using its powers unfairly against taxpayers, says UK House of Lords
- IMO this conclusion is equally applicable in New Zealand
- “It is wrong if, rather than funding HMRC sufficiently to conduct offshore enquiries in a timely manner, the Government is placing disproportionate burdens on taxpayers and eroding important taxpayer safeguards.
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