Greens Call for Tax Crackdown
May 4, 2016 New Zealand Taxation
The Greens are calling on the government to crack down on tax dodging multinational companies.
On May 4th the Green Party issued a statement calling on the government to use the upcoming Budget to introduce new measures to combat tax evasion and profit shifting by multinational companies operating in New Zealand.
In its release the Green Party claimed that New Zealand is missing out on “… up to $1 billion of lost tax revenue a year from the likes of companies like Apple, Facebook, Pfizer, and ExxonMobil.”
As a suggestion of what could be done to combat profit-shifting, the Green party pointed to new regulations implemented by the Australian government to charge a tax of 40 percent on illicit profit shifting.
It was also noted that while the IRD has cracked down on the tax affairs of small- and medium-sized, it has “dragged its feet” on cracking down on tax evasion committed by multinational companies.