KPMG tagged posts
According to a KPMG survey, New Zealand has the seventh highest corporate tax rate in the OECD.
The KPMG 2009 Corporate and Indirect Tax Rate Survey, which investigates the corporate and indirect tax rates of the OECD for the 2009 year, has found that New Zealand holds the seventh highest corporate tax and one of the lowest indirect tax rates of the nations surveyed.
Ireland and Iceland had the lowest corporate tax rates in the survey, with 12.5% and 15% respectively. While New Zealand’s rate of 30% was rated 7th, with USA and Japan reigning the top spots at rates of 40% and 40.69% respectively.
The survey found that New Zealand holds the sixth lowest indirect tax rate in the world, with its 12.5% GST rate. Canada meanwhile has the lowest rate at 5%, and Denmark was the highest at 25%.
Accountancy firm KPMG are laying claim that the IRD’s behavior in tax disputes is doing more damage than it is good.
According to KPMG the Inland Revenue Department (IRD) is taking an increasingly “tortuous” route in tax dispute cases, leading both individual clientele and large businesses to take a more upstanding or adversarial approach to the IRD than normally.
KPMG is claiming that the IRD’s adjunction (or evidence review) process is so not fit for the purposes that it was intended for that the IRD is self-justifying ignoring the adjunction process all together and bypassing it. Further it claims that the IRD has sought on occasion to attain the confidential advice given by accountants to their clients...Read More