Public consultation on tax avoidance statement
Inland Revenue has issued a draft Interpretation Statement about tax avoidance for public consultation.
Under sections BG 1 and GA 1 of the Income Tax Act, if an arrangement is a “tax avoidance arrangement”, the Commissioner of Inland Revenue has powers to counteract any tax advantage that an individual or an entity has sought to gain under it.
The statement sets out the Commissioner’s view of the principles to be applied in reaching a view on whether an arrangement is a “tax avoidance arrangement”.
Submissions will close at end of March and the statement is likely to be finalised in mid 2012.
Read the draft interpretation statement
Date published: 19 Dec 2011
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