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The Commission of Inquiry into Certain Matters Relating to Taxation, popularly known as the Winebox Inquiry, was an inquiry undertaken in New Zealand to investigate claims of corruption and incompetence in the Serious Fraud Office (SFO) and Inland Revenue Department (IRD). The Commissioner was Sir Ronald Davison. The Commission concluded that ...
In 2021-22, Inland Revenue collected $100.6 billion in tax revenue, [6] which helped pay for the services that all New Zealanders benefit from such as social security and welfare, health and education. Other services included law and order, housing and community development, environmental protection, defence, transport, and heritage, culture ...
The High Court of New Zealand decided in favor of Challenge Corp Ltd and its decision was "upheld by a majority of the Court of Appeal." This decision was then appealed by Commissioner of Inland Revenue to the Judicial Committee of the Privy Council. [2] [3] [4] [5]
Goods and Services Tax ( GST) is a value-added tax or consumption tax for goods and services consumed in New Zealand . GST in New Zealand is designed to be a broad-based system with few exemptions, such as for rents collected on residential rental properties, donations, precious metals and financial services. [1]
Businesses in New Zealand pay income tax on their net profit earned in any specific tax year. For most businesses the tax year runs from 1 April to 31 March but businesses can apply to the Inland Revenue for this to be changed. A provisional taxpayer is a person or a company that had a residual income tax of more than $5000 in the previous tax ...
Penny and Hooper case. Penny and Hooper ( [2011] NZSC 95) [1] was a landmark taxation case in New Zealand that reached the Supreme Court of New Zealand, which was a major victory for the Inland Revenue Department (IRD) on the issue of tax avoidance .
The Goods and Services Tax Act is an Act of Parliament passed in New Zealand in 1985. The Act established a consumption tax in New Zealand, originally set at 10%, but subsequently raised to 15%. GST is a tax of 15% on all goods, services and other items sold or consumed in New Zealand. Individuals become liable to pay GST when their annual ...
In October 2009, Westpac NZ was required to pay NZ$961 million to the Inland Revenue Department (New Zealand) in avoided taxes. [ 19 ] On 22 July 2014, the firm announced that it would pilot a host card emulation (HCE) mobile payments technology to customers.