French bank latest to fall to IRD tax avoidance net

Thu, 07 Aug 2014

By Paul McBeth and Pattrick Smellie Aug. 7 (BusinessDesk) - The New Zealand arm of the French bank, BNP Paribas, is the latest international bank to fall foul of the New Zealand tax department's campaign against the use of cross-border convertible notes, quietly agreeing to pay back tax of $18.435 million in an out of court settlement reached on March 21, according to Companies Office filings. The disclosure of the settlement, after balance date in the accounts for the financial year to Dec. 31, is the first time Paribas has been linked t...

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