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.

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News

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

Commenting is closed