RESEND: Government tells investors IRD has no resources to fix unfair tax on demerger shares

Sat, 12 Sep 2015

(Fixes reference in South32 in sixth paragraph) By Fiona Rotherham Sept. 12 (BusinessDesk) - New Zealanders are being taxed on their own capital because of unfair rules covering shares in demerged companies, but the government argues the Inland Revenue Department doesn’t have the resources to fix the problem, the New Zealand Shareholders Association says.. NZSA chairman John Hawkins said Revenue Minister Todd McClay wrote to him saying there was merit in the argument that taxing shares in demerged companies was unfair. But McClay said...

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