The New Zealand Inland Revenue Department (IRD) will be in the Court of Appeals this week in an effort to overturn a landmark court decision, which found tax evasion allegations against two medical professionals refuted. In a court action that will be closely monitored by both the medical profession and other high-cost professionals the IRD is seeking to claim that two Christchurch based orthopedic surgeons were using company and trust structures to pay themselves less than the typical rate for their profession. The ... Read More

New Zealand unemployment numbers rose by 0.8 percent in the December quarter. The rise is larger than projected by the Government, and has been attributed to an increase in the working age population. According to a February 4th media release by Paula Bennett, Social Development and Employment Minister, New Zealand’s unemployment figure has risen to 7.3 percent. The figure represents approximately 168 000 unemployed across the country. The rise was caused by an extra 14 500 individuals entering into the New Zealand’s working ... Read More

The New Zealand Crown accounts for the five months to November 30th saw a marginal improvement over earlier estimates, following a better than expected New Zealand Super Fund, ACC and EQC investment performance. According to a New Zealand Government press release, published on January 29th, the Crown’s operating deficit before gains and losses for the time period was NZD3.7 billion. The figure is NZD700 million better than previously forecast in the 2009 Half-Year Economic and Fiscal Update. The operating deficits including gains ... Read More