26 Nov 2014

Over $500m in missing taxes - IRD

7:19 pm on 26 November 2014

The Inland Revenue Department (IRD) has identified $539.8 million missing through tax avoidance by businesses this year so far.

tax

Photo: Photo NZ

That increase is over four times the amount business tax avoidance cost New Zealand in 2009 at $123 million.

The missing money was identified through discrepancies found through tax payments.

An IRD spokesperson said the increase reflected the budgets the IRD was given to chase tax avoidance and did not illustrate an increase in the crime itself.

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