The New Zealand Government is moving to close loopholes preventing large multinationals from claiming tax breaks which costs the country about $300million a year. "Profits they make in New Zealand are significantly reduced for tax purposes [and] profit is shifted offshore. That would also require tax to be paid earlier in the disputes process and allow IRD to collect relevant information held offshore. tracey.roxburgh@odt.co.nzAt a glance• Three consultation papers proposing new measures to strengthen New Zealand’s rules for taxing large multinationals were released yesterday. —Implementing New Zealand’s entrance into an international convention for aligning our double tax agreements with OECD recommendations.

Source: Otago Daily Times March 03, 2017 17:04 UTC