Finance

Tobacco tax wrangle nets NZ taxpayer $70.6m from British exchequer

Pattrick Smellie
Wed, 29 Jun 2022

Tobacco tax wrangle nets NZ taxpayer $70.6m from British exchequer
Tobacco giant BAT's NZ sales of 'combustible' products topped $250m last year. (Image: Depositphotos)
Pattrick Smellie
Wed, 29 Jun 2022
A five-year negotiation over where tax on tobacco product sales should be paid has resulted in a $70.6 million gain for New Zealand taxpayers at the expense of British taxpayers.The “prior period adjustment” shows up in the accounts of BAT Holdings (NZ) Ltd, the local arm of the global tobacco giant British and American Tobacco (BAT) for the year to Dec 31, which were filed with the Companies Office earlier this month.The one-off windfall is the result of negotiations that began in March 2016 between the Inland Revenue Department (I...

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