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Inland Revenue Pressures Oracle on Transfer Pricing

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The Inland Revenue Department is currently embroiled in a transfer pricing dispute with business software titan Oracle. Oracle received a statement of position with regards to taxes owed in April of last year. However, Oracle responded in June stating their disagreement with the matter. Professional tax advisors have commented that…

US$4.2 Million Seized From International Movie Piracy Website

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As criminals increasingly turn to cryptocurrencies to hide or transfer their wealth, governments and service providers have increased their focus on putting a halt to such practices. Following the shutdown of an international movie piracy website, assets generated by the site have been either frozen or seized. The movie piracy…

Over One-Third of Cyberattacks Come from State Sponsored Hackers

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New Zealand is a target for state-sponsored cyberattacks, according to the government’s National Cyber Security Centre. Official data indicates that as many as 38% of the 339 hacks that it responded to since 30 June 2018 were state-sponsored in origin. The NCSC reported that the number of attacks detected in…

Data Reveals Difference in Inflation Rates Between Households

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Is it getting more expensive to live in New Zealand? That depends on who you ask. New data from Stats NZ measures the cost of living through household living cost price indexes, comparing inflation between 13 different groups. In the third quarter of 2019, the highest-spending households experienced a quarterly…

New Zealand’s Slowing Economy Inspires Varying Theories – and Plenty of Blame

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New Zealand’s economy continues to lose momentum this year, experiencing its lowest annual growth rate since 2013. This dip has been accompanied by an increase in negativity across the news media, with businesses and consumers alike questioning international trade tensions, global economic health, and Brexit. The country’s GDP increased by…

New Zealand Salaries can now Legally be Paid in Cryptocurrency

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Last month, New Zealand became the first country to fully legalise salary payments in cryptocurrencies. The ruling came into effect on September 1st, 2019 and will last for three years. The Inland Revenue Department, who announced the decision in a bulletin released on August 7th,  states that as long as…

7 Common Mistakes People Make with Their Taxes

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Taxes aren’t a part of life most people would consider fun. Keeping track of all your receipts and records can be tiresome and tedious at the best of times, and infuriating and confusing at the worst. But unless you want the Inland Revenue Department (IRD) to come knocking on your…