The Inland Revenue Department formally launched its 2015/16 Multinational Enterprises Compliance Focus guide.
This latest version updates the 2013/14 document, and provides insights into Inland Revenue’s monitoring of all New Zealand businesses. This includes the Commissioner’s view of:
The focus on tax governance includes an expectation that boards take greater ownership of, and responsibility for, setting the tax strategy and direction, and this includes having a satisfactory tax control framework and endorsing a set of overarching principles around tax. The guide sets out minimum expectations of boards. Boards without a documented tax strategy and tax risk control framework can be expected to be asked why (with greater scrutiny as a result).
Read a November 2016 report [PDF 649 KB] prepared by the KPMG member firm in New Zealand: Tax governance high on IRD’s agenda
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