Inland Revenue on tax warpath

October 26th, 2009

Business Day (NZ)

The multibillion-dollar tax avoidance cases enveloping the big banks serve as a warning to all business that deal internationally, Grant Thornton tax expert Paul Gallagher says.

The Bank of New Zealand and Westpac have already lost their cases against Inland Revenue, with the High Court finding they owe a combined $1.6 billion in taxes and penalties relating to foreign structured finance transactions. Both are appealing against the decisions.

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