You are using an older browser version. Please use a supported version for the best MSN experience.

IRD checking on New Zealand taxpayers

NZ NewswireNZ Newswire 9/05/2016

The Inland Revenue Department has set up a small "crack group" to review the Panama Papers and make sure New Zealanders are paying their taxes, Prime Minister John Key says.

The documents leaked from Panamanian law firm Mossack Fonseca detail thousands of trusts in hundreds of countries.

And while the attention is on trusts set up in New Zealand - there are more than 11,000 of them - they could also reveal New Zealanders may have set up their own trusts in other countries.

The trusts are legal, but can be used to hide wealth or launder money.

"As a result of the papers, IRD has set up a small crack group to review the papers and make sure New Zealanders are meeting their tax obligations, and to support other countries if requests are made for further information," Mr Key said on Monday.

image beaconimage beaconimage beacon