No one likes a big tax bill and the one handed to prominent businessman and rich-lister Eric Watson on Tuesday is more than most people could even contemplate.
His company, the Cullen Group, has been ordered by the High Court to pay $112 million. Nearly half is tax he avoided by channelling money through to companies based in the Cayman Inlands.
Professor Michael Littlewood lectures on tax law at Auckland University. He talks through the details with Guyon Espiner.