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Banks Costing Taxpayers $38 Million

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Aug 12 NZPA - The cost of structured finance legal cases against banks has topped $38 million, the Green Party says.

Figures obtained under the Official Information Act show Inland Revenue has spent $38.5m for structured finance cases against New Zealand's largest banks as at July 31.

Last month, the High Court found in favour of the IRD in a court case with the Bank of New Zealand.

The case involved structured finance, which the IRD sees as tax avoidance.

BNZ was appealing the decision, which would see it having to pay back $416m in taxes.

Green Party co-leader Russel Norman said BNZ's appeal would see costs to taxpayers "blow out even further".

NZPA PAR kc co

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