BNZ loses case, faces $645 million tax bill

News came through last week that the BNZ had lost their tax case at the High Court, and were ordered to pay $645 million in back tax and interest to the Inland Revenue Department.

Judgements are still outstanding on the tax obligations of Westpac, ANZ National, ASB and Rabobank in a case with a total of $2.4 billion in unpaid taxes.

The BNZ is appealing the judgement, but CEO Andrew Thorburn says the bank can afford to pay the total amount out of this year’s profits.

Finsec General Secretary Andrew Casidy described the outcome as a positive result for New Zealanders. “It’s right that very profitable corporations should contribute the appropriate amount of taxation and we are pleased that BNZ will pay their fair share. We hope this loophole is now closed,” said Casidy.

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