Post by Kiwi Frontline on Jul 24, 2017 18:03:39 GMT 12
WAIKATO-TAINUI TAX BILL A DISGRACE
The self-congratulations by Waikato-Tainui for its record profit announcement today is soured by the fact it doesn’t pay company tax on the vast majority of its investments, points out the New Zealand Taxpayers’ Union. The tribal authority, Te Whakakitenga o Waikato, today announced a net profit of $137.8 million, an increase in tribal wealth by $128 million to $1.07 billion, despite the group paying only twelve thousand dollars of income tax in the previous financial year. The small amount is because most of the tribe’s commercial investments can avoid paying company tax, even if no profits are distributed or spent on the tribe’s charitable activities.
Jordan Williams, the Executive Director of the Taxpayers’ Union, said “While politicians complain about overseas companies like Google and Facebooknot paying their fair share of tax, everyone is turning a blind eye to these enormous tribal and religious empires which pay almost no tax, despite only a tiny proportion of the profits going back into the communities they are meant to serve. It is a disgrace.”
“Even of those parts of the group which pay tax, most are subject to a lower ‘Maori authority’ rate – something National said they’d get rid when they were in opposition.”.......
www.scoop.co.nz/stories/PO1707/S00339/waikato-tainui-tax-bill-a-disgrace.htm
The self-congratulations by Waikato-Tainui for its record profit announcement today is soured by the fact it doesn’t pay company tax on the vast majority of its investments, points out the New Zealand Taxpayers’ Union. The tribal authority, Te Whakakitenga o Waikato, today announced a net profit of $137.8 million, an increase in tribal wealth by $128 million to $1.07 billion, despite the group paying only twelve thousand dollars of income tax in the previous financial year. The small amount is because most of the tribe’s commercial investments can avoid paying company tax, even if no profits are distributed or spent on the tribe’s charitable activities.
Jordan Williams, the Executive Director of the Taxpayers’ Union, said “While politicians complain about overseas companies like Google and Facebooknot paying their fair share of tax, everyone is turning a blind eye to these enormous tribal and religious empires which pay almost no tax, despite only a tiny proportion of the profits going back into the communities they are meant to serve. It is a disgrace.”
“Even of those parts of the group which pay tax, most are subject to a lower ‘Maori authority’ rate – something National said they’d get rid when they were in opposition.”.......
www.scoop.co.nz/stories/PO1707/S00339/waikato-tainui-tax-bill-a-disgrace.htm