Our article on tax governance in the October 2021 edition of Tax Alert highlighted Inland Revenue’s renewed focus on tax governance with the launch of their 2021 tax governance campaign. This campaign included sending a questionnaire to a sample of 143 significant enterprise taxpayers on the current state of their tax governance. The results are now in – and it’s clear that Inland Revenue aren’t stopping there!
We caught up with the Inland Revenue International Revenue Strategy team (IRS) to hear:
To sum things up, the general impression is that New Zealand companies are falling short of expectations when it comes to tax governance. Taxpayers should be following Inland Revenue’s lead by progressing their tax governance journey. Further planned Inland Revenue activity in this area is a call to action for most (if not all) large organisations operating in New Zealand.