IRD reaps $4M from tax-payers using trusts, sets deadline to cut deals

Wed, 10 Oct 2012

By Pam Graham Oct. 10 (BusinessDesk) – Inland Revenue (IRD) has collected $4 million from 170 taxpayers since the Supreme Court found two orthopaedic surgeons had avoided income tax by paying themselves low salaries through a structure of companies and trusts. IRD announced on Wednesday that those affected by the Penny and Hooper decision have until March 31, 2013 to make voluntary disclosures. IRD has previously agreed to accept settlement for those who make voluntary disclosure for a two-year limit, which is less than the four years that...

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