IRD Tracks NZD 10 Million of Tax Fraud
December 3, 2014 New Zealand Taxation
The IRD is recovering NZD 3.73 for each dollar spent on tracking down and investigating tax fraud in New Zealand.
On December 3rd the Revenue Minister Todd McLay issued a new statement showing that the IRD’s efforts to crack down on tax fraud are paying off, having resulted in a greater number of uncovered and a positive return on investment.
Over the course of the 2014 financial year the IRD uncovered NZD 10.4 million of tax fraud committed in New Zealand, compared to a level of only NZD 4.5 million in 2013.
According to the Minister, the uncovered tax fraud represents a return on investment of approximately NZD 3.73 per dollar spent on enforcement.
Many of the uncovered cases of tax fraud revolved around Working for Families Tax Credits and personal tax summaries, and involved the use of false documents in order to obtain unwarranted financial gain.
Photo By: mjtmail (tiggy)