2009 media releases
Structured finance cases settled
23 December 2009
The Commissioner of Inland Revenue, Robert Russell, and the Solicitor-General, David Collins QC, said they are pleased long-running tax disputes involving four major banks have been settled.
The BNZ, Westpac, ASB Bank, and ANZ National have agreed to settle cases with Inland Revenue by accepting liability for a combined sum that exceeds $2.2 billion.
The settlement, believed to be the largest commercial settlement in New Zealand's history, follows Inland Revenue's success in the High Court this year in two cases involving a particular type of transaction known as "structured finance".
Mr Russell said it had been Inland Revenue's long-held view that the transactions were tax avoidance.
"Our decision to pursue these cases has been shown to be absolutely right, and it has returned a very good result for the taxpayers of New Zealand."
"We believe this sends a strong signal to companies operating in New Zealand - like all taxpayers they must meet their obligations."
Mr Russell and Dr Collins said the cases showed that Inland Revenue and Crown Law have the resources and capability to pursue very complex cross-border transactions.
"I would like to thank our many staff who put incredible work into these cases, and also acknowledge our colleagues in the Crown Law Office for their work,” said Mr Russell.
Dr Collins said he was particularly grateful for the exceptional efforts that were made by external counsel and the Tax and Commercial Team at Crown Law.
For further information:
Adrienne Perry
(04) 890 1991
(029) 890 1991
adrienne.perry@ird.govt.nz
Other media releases this year
- Inland Revenue warns of party plan pitfalls
- Tax fraudster breached worker trust
- High wealth individuals pay an extra $81 million
- Residential rental property and depreciable items
- Lower Hutt man sentenced for tax evasion
- Two jailed for multi-million dollar tax fraud
- High Court ruling on Westpac case
- Christchurch man jailed for GST fraud
- Tsunami donations tax credits
- Former Queenstown man jailed on tax evasion charges
- Jail for $5 million tax fraud
- Tiler jailed for $1.6 million tax evasion
- Online service makes tax refunds easier
- Inland Revenue welcomes High Court decision
- Auckland property consultant jailed for tax fraud
- Te Kuiti accountant jailed for 12 months for tax evasion
- Property developer sentenced for GST fraud
- Wellington man sentenced for tax fraud
- Man jailed for GST fraud
- Helping you get it right
- Last day for tax returns fast approaching
- Auckland man sentenced on GST fraud charges
- GST fraudster convicted again
- New Plymouth woman jailed for fraud
- Christchurch man sentenced on tax offences
- Extradited tax fraudster sentenced to home detention
- Jail for multimillion dollar tax fraud
- Thousands of people eligible for unclaimed millions
- Inland Revenue appeals High Court decision
- Inland Revenue considers voluntary redundancies
- Talk to us, says Commissioner of Inland Revenue
- Apply now for the provisional tax ratio option
- Keep IRD numbers confidential
- Wellington accountant sentenced on tax fraud charges
- Avoid unexpected GST bills on apartment sales
- Nelson man jailed for tax evasion
- Stay informed about KiwiSaver changes
- Tax payment date fast approaching
- Former tax agent employee sentenced for fraud
Communications and Inquiry
Inland Revenue
To make a media query:
Phone 04 890 1698 or email mediaqueries@ird.govt.nz
Please note, the email address is only for enquiries from the news media. It is monitored during normal business hours 8am - 5pm Monday to Friday.
P O Box 2198
Wellington 6140
New Zealand
Date published: 23 Dec 2009
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