Tax haven figure tight lipped on extradition case

Tax haven figure tight lipped on extradition case

A figure showing New Zealand's $824 million loss from the illegal trade has escaped an inquiry into how the country loses money on international tax evasion.

The Government Accountability Office (GAO) was asked earlier this month to examine a figure published in last year's Government Paper on taxation, and an analysis of other government reports.

The figure, released in June, was in response to an inquiry by New Zealand Watch into a loss of NZ$1.8 billion to New Zealand's cu강릉출장마사지stoms revenue between 2006 and 2010.

GAO said that while the customs revenue had been lost, it was unclear at how much of that was attributable to the Auckland-based law firm Mossack Fonseca - which had been 제주출장마사지건마involved in fraud for many years.

Instead of focusing on the cost to the taxpayer, it was decided to consider the tax bill associated with tax evasion.

"The GAO has reviewed numerous relevant GAO reports to assess the extent to which the losses of [NZ] Customs through [informative tax] evasion have been offset by the losses generated from the use of overseas tax havens as a cost-effective financial strategy by New Zealand taxpayers," said Gaius Publius of the New Zealand Office of Public Works (NZOOP) at the time.

"These estimates suggest that HMRC could recover only NZ$5 - $6 million a year in tax through [informative tax] evasion in an era when tax revenue was falling below estimates."

New Zealanders have long criticised tax haven activity and other countries that facilitate offshore payments as a potential source of tax evasion.

The Government Accountability Office (GAO) was asked to examine how the government recovered $1.8 billion from illegal tax dodges in response to a 2010 Government Paper.

That year, the Government Paper stated that NZ has the highest levels of tax evasion in the G7 - ahead of other major countries that have similar tax practices and laws.

HMRC estimates that New Zealand has "significantly reduced" its tax take in New Zealand from 2002-03 to 2010-11, and this was partly because New Zealanders had switched to using the British Virgin Islands, which was not taxing any tax.

HMRC estimated that New Zealanders had saved NZ$11 million in taxes from 2002-03 through안마 the use of UK tax havens in 2010-11 alone, but Gaius Publius said the figure might have "implied" more than