Monthly Archives February 2013
February 20, 2013 New Zealand Finance
The government has once again been delayed in the plan to launch its asset sale program.
The government has decided to await a ruling by the Supreme Court before continue with the current plan of selling off portions of several state owned assets.
The Supreme Court is currently deliberating on whether a judicial review should be held on the sale of the assets, as requested by the Maori Council.
According to John Key, the government would have passed an Order in Council on February 18th to proceed with the sale of the state-owned electricity company Mighty River Power, but the move was delayed as the Supreme Court promised to produce a ruling by the end of this month.
The delay is likely to push back the start of the asset sales, which were originally scheduled to begin in the middle of thi...Read More
February 18, 2013 New Zealand Finance
New Zealanders need to inspect their current insurance policies and ensure that their chosen cover is adequate for them.
On February 18th the New Zealand Financial Services Council released a new study on the levels of insurance cover taken out by New Zealanders, claiming that many individuals are under-insured and some families are insured but are using a poorly chosen policy.
Overall, the study found that New Zealanders are under-insured by a total of NZD 650 billion, exposing themselves and their families to significant financial risks and hardships.
Despite the level of under-insurance, the conclusion drawn in the study is that under-insurance in New Zealand has not yet reached a crisis level, but greater consideration should be given by New Zealanders to the level and type of insuranc...Read More
February 14, 2013 New Zealand Taxation
New Zealand could soon follow the international community to crack down on excessive tax avoidance carried out by multinational companies.
In a radio interview on February 14th the Minister of revenue of New Zealand Peter Dunne the country needs to take a balanced approach to the taxation of multinational firms in order to continue attracting foreign investment but without excessively easing their tax requirements in New Zealand.
The Minister’s comments come a day after the release of a new report by the organization of Economic Cooperation and Development, which called on governments worldwide to work together and update their tax systems to match modern business practices which have often allowed multinational companies to shift their profits to low tax jurisdictions.
Peter Dunne said th...Read More
February 13, 2013 New Zealand Taxation
A former IRD worker has been sentenced to serve jail time for serious breaches of conduct, including stealing client information and using private data to falsely claim benefits.
In a ruling made last week, former worker at the Inland Revenue Department was sentenced by the Hamilton District Court to serve a two year and seven month jail sentence for fraud and corruption committed by using personal information of other tax payers to falsely obtain tax refunds.
The former employee of the IRD, Anita Gail O’Connor, worked for the Department between 1992 and 2009, and is alleged to have used client data to falsely receive tax credits and welfare payments, and to open bank accounts under false names...Read More