Monthly Archives May 2009
May 20, 2009 New Zealand Taxation
Revenue Minister Peter Dunne gave a speech on the 15th of May, updating the government’s tax policies.
Revenue Minister Peter Dunne gave a speech to the New Zealand Institute of Chartered Accountants in Masterton. He addressed the current state of the economy as an opening for his update of the government’s current tax policy plans.
Peter Dunne restated his plans to instate a 30% tax alignment policy between company, top personal and trustee tax. Although he did say that this currently limited to a medium term plan on account of the Government’s financial position, unless an unexpected and large financial turnabout occurs.Read More
He mentioned the Income splitting bill, which is scheduled to be introduced in 2010...
May 19, 2009 New Zealand Taxation
Man extradited from Australia and sentenced for 25 charges revolving around GST, family support, income tax fraud.
Pravin Kumar Patel was discovered to be attempting to commit tax fraud after a tax audit on his business. In 2002 he purchase a dairy in Auckland, only to sell it the subsequent year, and repurchase a similar store in Hamilton. In 2006 an audit was conducted on his business, and it was discovered that in three years of the Hamilton business’s lifetime $370,000 was undeclared and deposited into accounts held by Pravin Kumar Patel or his family.
In the March of 2007, Mr Patel mislead his tax agent and claimed he was leaving the country to take car of his sick father in India, he left to Australia instead. He also transferred $370,000 into a Melbourne based bank account...Read More
May 14, 2009 New Zealand Taxation
Tax fraud in the magnitude of millions of dollars has led to a Hawke’s Bay contractor being sentenced to jail time of six years.
Rajpal Singh Dhillon was sentenced to six and a half years jail time by the Napier District Court on the 7th of May. He was found guilty of 50 charges of PAYE and GST tax evasion earlier last month. In aggregate it is estimate that $3,311,000 worth of tax evasion was perpetrated. The Inland Revenue Department is seeking to seize a residential property held in a trust controlled by Rajpal Singh Dhillon.
The fraud involved the falsification of invoices in a ring of three companies and 25 shared sub-contractors, between the years of 1998 and 2007. Similar schemes have been perpetrated in the agricultural industry...Read More
New Zealand has recently been holding trade talks with Hong Kong and the United States.
Trade Minister Tim Groser continued negotiations with representatives from Hong Kong in regards to a Closer Economic Partnership (CEP) between New Zealand and Hong Kong. The negotiations began on the week of the 6th of May and took place in Wellington. Tim Groser, in a media release, talked about this being a good opportunity for New Zealand to try and take advantage of the fact that Hong Kong is the 12th largest trading economy in the world, and all the subsequent benefits such a relationship would provide.
Further, between the 12th and 15th of May, Tim Goser will meet with US Trade Representative Ron Kirk...Read More