Tax sidestep 'not offensive' - Auckland Council responds

Auckland Council’s use of corporate structures to minimise tax is within the rules and not offensive, an advisory firm’s tax partner says.

As reported in today’s National Business Review print edition, council-controlled Ports of Auckland is using $37 million of losses from the “wider Auckland Group” to offset tax.

That has resulted in a $3.5 million subvention payment to Watercare Services and a $4.28 million special dividend to the council – which says such a tax offset is one of the benefits of amalgamation.

 

Want to read more?

Choose a Subscription type that's right for you HERE
Already have an account? Login