7 May 2015

Govt wants foreigners to pay fair share of tax

1:09 pm on 7 May 2015

The Government has released a discussion paper about getting foreign investors to pay their fair share of tax.

Todd McClay.

Todd McClay. Photo: NATIONAL PARTY

Revenue Minister Todd McClay said it wanted feedback on how they should be taxed on interest earned in New Zealand.

He said foreign investors were currently able to shift profits out of the country while paying no tax or minimal tax here.

Mr McClay said the non-resident withholding tax had not been significantly changed since 1964, when financial transactions were a lot less complex than today.

He said the proposals in the paper were consistent with international efforts to tackle the problem of multi-national company tax avoidance.

Read the discussion paper - PDF, DOCX, DOC

Get the RNZ app

for ad-free news and current affairs