Compliance Focus helps get it right in a changing world

In welcoming today’s launch of Inland Revenue’s Compliance Focus, Revenue Minister Todd McClay said that it is important for a strong economy that businesses, large and small, continue to receive the help they need to get it right.

“The international tax landscape is constantly changing. Businesses, people, and ideas are crossing borders more frequently and in increasing numbers and New Zealand has a role to play in this globalised world. One of the keys to attracting multinational companies is that our tax system and administration is transparent and we continue to provide the support and information they need to get on with doing business in this country. The key is to make tax compliance simpler and easier for business”, says Mr McClay.

The Compliance Focus also provides information for small-medium size enterprises so they can manage their tax affairs and how they can get in touch with Inland Revenue if they need help.

“The overwhelming majority of businesses operating in New Zealand comply with their requirements for filing, reporting, claiming and paying their fair share of tax, including multinational enterprises, despite the increasing complexity and sophistication of doing business in New Zealand. It is therefore incumbent on Inland Revenue to ensure its systems and policies keep pace with changing business practices so that compliance obligations are not impediments for business to flourish”.

“After all, when everyone pays their fair share, we not only collect revenue for essential community services but we also continue to lay the foundations for future economic growth,” says Mr McClay.