New Zealand tax officials revealed yesterday that the authorities are targeting the country’s 100 wealthiest citizens, as part of an operation in which their tax returns are being compared with publicly available information detailing their assets.
Specifically, the Inland Revenue Department is targeting individuals with a fortune of more than NZ$20 million (US$14.3 million), and those who have multiple properties and complex business arrangements.
Addressing the parliamentary finance and expenditure committee, IRD Commissioner David Butler revealed that the initiative is similar to a “highly successful” Australian scheme. He went on to add that so far, thirteen full investigations are underway.
Meanwhile, the IRD's corporates national manager Spyros Papageorgiou disclosed that 69 questionnaires requesting further information had been sent to individuals on the target list, with 57 having already responded.
"It's turned out to be a bad idea to be on the National Business Review Rich List," PricewaterhouseCoopers tax partner John Shewan was quoted as observing on Monday.
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