13 May 2013

IRD gets access to tax haven data

10:21 pm on 13 May 2013

The Inland Revenue Department (IRD) is working with counterparts overseas to crack down on tax evaders.

Tax authorities in Australia, Britain and the United States have decided to share data on those involved with international tax havens.

IRD says some New Zealand residents and shell companies have participated in such offshore arrangements.

It says it is working with its major partners, in particular Australia, to access information regarding any New Zealand residents who have been involved.

The IRD says it will not only identify New Zealand residents using offshore schemes, but will focus on those who actively manage and promote them.

Raju Budia, the department's manager of compliance planning and development, says the information isn't available in New Zealand yet.

"Probably in the next couple of months, hopefully, we'll be able to start analysing and starting to make some initial approaches to impacted people.

"What I would say, though, is that there are people out there who will be involved in these transactions. Come forward before we come knocking on your door."

Mr Budia says it is too early to know how much money the information sharing will net.