The Supreme Court has been tasked with sorting out murky GST refund rules in a multi-million dollar case of a withheld payment.After legislation was adjusted to clarify a rule in 1999 inbound tour operator Contract Pacific put in a claim to Inland Revenue
The Supreme Court has been tasked with sorting out murky GST refund rules in a multi-million dollar case of a withheld payment.
After legislation was adjusted to clarify a rule in 1999 inbound tour operator Contract Pacific put in a claim to Inland Revenue for a $7.3 million refund.
Balking at the amount, IRD withheld the funds pending an investigation.
The Supreme Court now needs to decide the extent by which IRD can hold GST repayments or suggested current legislation needs to be reworked by Parliament.
For more, see today’s print edition of the NBR.
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