Post by Kiwi Frontline on Jan 23, 2018 16:21:57 GMT 12
IWI ASSETS SWOLLEN BY TAX LOOPHOLE
The New Zealand Taxpayers’ Union says the rapid growth of iwi assets is driven by special tax treatment.
Taxpayers’ Union Executive Director Jordan Williams says, “The corporate tax rate for Maori Authorities is 17.5%, compared to 28% for other businesses. And because of their ‘charitable’ status, many iwi-run businesses don’t even pay income tax.”
“These loopholes don’t just let iwi keep more profit – they allow iwi to gain a competitive advantage by undercutting their competitors.”
“Look at Shotover Jet for example. Owned by Ngāi Tahu, it pays no company tax at all, and no guarantee whatsoever than a cent is returned to the community. It’s just a legalised rotten tax rort.”....
www.scoop.co.nz/stories/PO1801/S00081/iwi-assets-swollen-by-tax-loophole.htm
IWI ASSETS CLIMB FROM $6B TO $7.8B: NEW REPORT
The asset base of New Zealand's approximately 70 iwi rose by $1.8b in the last year to $7.8b, a new study out today has found.
Phil Barry and William Turner of financial and investment business TDB Advisory in Wellington released the Iwi Investment Report 2017.
The growth was driven partly by six new settlements in the last two years totalling $222m, they said listing iwi as Ngati Hei ($8.5m redress), Ngati Tamaoho ($10.3m), Ngāti Tūwharetoa ($78m), Ngāti Tara Tokanui ($6m), Ahuriri Hapū ($19.5m) and Te Wairoa ($100m).
Barry said $4.8b of assets was controlled by the eight richest iwi as at June last year and excludes relativity payments to Waikato-Tainui and Ngai Tahu.
The eight iwi represent about 53 per cent of the Maori population throughout New Zealand. They have around $4.8b in assets and that is steadily growing. Last year, eight iwi had just $4.4b, TDB noted.
Barry predicted that by 2026, iwi assets nationally could climb to $12b......
www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11979459
The New Zealand Taxpayers’ Union says the rapid growth of iwi assets is driven by special tax treatment.
Taxpayers’ Union Executive Director Jordan Williams says, “The corporate tax rate for Maori Authorities is 17.5%, compared to 28% for other businesses. And because of their ‘charitable’ status, many iwi-run businesses don’t even pay income tax.”
“These loopholes don’t just let iwi keep more profit – they allow iwi to gain a competitive advantage by undercutting their competitors.”
“Look at Shotover Jet for example. Owned by Ngāi Tahu, it pays no company tax at all, and no guarantee whatsoever than a cent is returned to the community. It’s just a legalised rotten tax rort.”....
www.scoop.co.nz/stories/PO1801/S00081/iwi-assets-swollen-by-tax-loophole.htm
IWI ASSETS CLIMB FROM $6B TO $7.8B: NEW REPORT
The asset base of New Zealand's approximately 70 iwi rose by $1.8b in the last year to $7.8b, a new study out today has found.
Phil Barry and William Turner of financial and investment business TDB Advisory in Wellington released the Iwi Investment Report 2017.
The growth was driven partly by six new settlements in the last two years totalling $222m, they said listing iwi as Ngati Hei ($8.5m redress), Ngati Tamaoho ($10.3m), Ngāti Tūwharetoa ($78m), Ngāti Tara Tokanui ($6m), Ahuriri Hapū ($19.5m) and Te Wairoa ($100m).
Barry said $4.8b of assets was controlled by the eight richest iwi as at June last year and excludes relativity payments to Waikato-Tainui and Ngai Tahu.
The eight iwi represent about 53 per cent of the Maori population throughout New Zealand. They have around $4.8b in assets and that is steadily growing. Last year, eight iwi had just $4.4b, TDB noted.
Barry predicted that by 2026, iwi assets nationally could climb to $12b......
www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11979459