offshore accounts tagged posts
February 11, 2015 New Zealand Taxation
The controversial information leaks from HSBC bank have shown that New Zealanders are associated with accounts worth more than USD 150 million.
Earlier this week the International Consortium of Investigative Journalists released the results of a new investigation into information leaked from the HSBC bank, providing details regarding the involvement of New Zealanders with accounts held at the bank.
According to the ICIJ, between 1975 and 2006 194 separate bank accounts were opened by HSBC for New Zealanders, or for clients associated with New Zealand via local lawyers, specialists, companies or operations.
The information in the leak investigated by the ICIJ shows that 110 clients have some association with New Zealand, although only 41 percent of them hold a New Zealand passport.
It is es...Read More
The 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...Read More