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IRD to Investigate Offshore Incomes

July 5, 2010 International TaxationNew Zealand Taxation

Auckland CityThe New Zealand Inland Revenue Department (IRD) will begin closer scrutiny of new zealanders with undeclared offshore assets and incomes, in an effort to stop tax evasion.

Last week the IRD released a statement disclosing its intention to utilize New Zealand’s existing Tax Information Exchange Agreements (TIEA) to catch potential tax evaders. Martin Scott, Group Manager of Assurance, revealed that the IRD is particularly interested in discovering New Zealand tax residents undisclosed offshore bank accounts, overseas life-insurance policies and superannuation benefits.

Under current New Zealand tax legislation, taxpayers are required to disclose all of their incomes, including those from foreign sources...

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