Monthly Archives December 2012
December 5, 2012 New Zealand Taxation
New Zealand has seen another quarter of disappointing tax results.
On December 5th the Treasury of New Zealand released its monthly Tax Outrun Data report, showing that tax revenues over the October quarter were 0.7 percent below forecasts but 4.7 percent higher than in the same period last year.
According to the Treasury, the main variance between realized results and forecasts revenues were due to lower than forecast GST collections and lower than expected collections of indirect taxes.
GST for the 4 months was 5 percent below expected, due to weakened levels of private consumption.
Cumulative collection of indirect taxes such as road used charges were 14...Read More
December 3, 2012 New Zealand Taxation
A tax scam which netted three individuals approximately NZDD 55 000 has also earned them earned them fines, community work and community detention.
Last week three member of a Lower Hutt based church were sentenced for their involvement in a tax scam which saw them receive NZD 56 378.27 from issuing false donation receipts and claiming tax rebates belonging to 33 other people.
The accused, Faalemalo Ipiniu Letoga, Mau Veletaloola and Ita Vienna Aiomata, were ordered to serve 150 hours of community work each, sentanced to six months community detention each and also ordered to pay the Inland Revenue Department NZD 10 000 in reparations.
Explaining the actons taken by the trio, the group manager of investigations and advice at the IRD Patrick Goggin said that “…the actions of these individua...Read More