The Front Page Why increasing numbers of super rich leads to a tax problem
Aug 8, 2019
20:03
Each week The Front Page takes you behind the scenes of the biggest story from the New Zealand Herald and Newstalk ZB. Today it's the increasing numbers of highly wealthy people, and the problem of how to tax them. Hosted by Frances Cook.
The number of super-rich in New Zealand has increased by 75 per cent in the past five years.
That means 350 people here are worth more than $50 million.
But with these very rich people comes problems with how we make sure everyone pays their fair share of tax.
Some of those individuals are currently in disputes with the IRD over more than $85 million in potential tax.
It can be a nightmare to solve, with complex trusts, international income streams, and highly powered lawyers and accountants ready to protect it.
For the latest Front Page podcast, I talked to investigative reporter Matt Nippert and business editor at large Liam Dann.
We discussed why there has been a boom in wealth, if the IRD is outgunned, and how the big multinational companies add an extra layer of tax complication.
If you have questions about Herald investigations, or want to stay up to date on social media, you can find host Frances Cook on Facebook here https://www.facebook.com/FrancesCookJournalist/ Instagram here https://www.instagram.com/francescooknz/ and Twitter here https://twitter.com/FrancesCook
Read more on the Herald investigation into the super-rich and tax, here https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12252697
The number of super-rich in New Zealand has increased by 75 per cent in the past five years.
That means 350 people here are worth more than $50 million.
But with these very rich people comes problems with how we make sure everyone pays their fair share of tax.
Some of those individuals are currently in disputes with the IRD over more than $85 million in potential tax.
It can be a nightmare to solve, with complex trusts, international income streams, and highly powered lawyers and accountants ready to protect it.
For the latest Front Page podcast, I talked to investigative reporter Matt Nippert and business editor at large Liam Dann.
We discussed why there has been a boom in wealth, if the IRD is outgunned, and how the big multinational companies add an extra layer of tax complication.
If you have questions about Herald investigations, or want to stay up to date on social media, you can find host Frances Cook on Facebook here https://www.facebook.com/FrancesCookJournalist/ Instagram here https://www.instagram.com/francescooknz/ and Twitter here https://twitter.com/FrancesCook
Read more on the Herald investigation into the super-rich and tax, here https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12252697
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