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NZ Labour Would Introduce Diverted Profits Tax

by Mary Swire, Tax-News.com, Hong Kong

18 July 2017


New Zealand's leading opposition party has said it would introduce a diverted profits tax on multinational companies if elected.

Labour Party Leader Andrew Little said that global businesses are "dodging paying their fair share of tax."

"If multinationals aren't prepared to pay their fair share, Labour will introduce a diverted profits tax, to enable New Zealand tax authorities to impose tax at a penalty rate if they believe that tax has been deliberately avoided," he said.

"The experience in the United Kingdom has been positive, as companies such as Amazon are now booking their profits in the UK rather than in the tax haven Luxembourg."

Little said Labour anticipates that it would increase revenues through compliance efforts by NZD600m (USD441m) over three years. He added that the party would increase Inland Revenue funding by NZD30m a year.

The general election is set to take place on September 23, 2017.

TAGS: compliance | tax | business | tax compliance | multinationals | transfer pricing | New Zealand

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