IRD swoop nets $490m tax bonanza
An Inland Revenue clampdown has resulted in it recouping half a billion dollars in unpaid tax.
Wednesday, June 1st 2005, 7:52AM
by The Landlord
In the year to last June, the IRD's audit activity unit collected $490 million from those slow to pay taxes, did not know their tax responsibilities, or deliberately avoided paying tax.Under scrutiny have been "risk" industries where the temptation to deal in cash or ignore tax laws has siphoned millions of dollars from the tax take.
Since 2003, the IRD has formed partnerships with industries identified as being poor at meeting tax responsibilities and works with them to improve compliance.
Among industries needing more attention were building, hairdressing, plumbers, creative arts, agriculture and landscaping, where cash payments are common.
Read More - Opens in a new window
| « Rising petrol prices not good for property | Trans Tasman Properties first half profit up 70% » |
Special Offers
Commenting is closed
|
|
Printable version |
|
Email to a friend |
