Reserve Bank clips Aussie banks for 'tax hair-cut'

Tue, 11 Dec 2012

By Pattrick Smellie Dec. 11 (BusinessDesk) - The Reserve Bank has rejected submissions by Australian-owned banks operating in New Zealand for relief from new rules to guard against bank failures which will see them pay around $25 million in extra tax annually in this country. The concerns of the Australian banks are reported in the RBNZ's response to submissions on the impact of new capital adequacy rules, known as Basel 3, which banks worldwide are being obliged to put in place as a buffer against future financial crises. At stake is the tr...

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