BUSINESS

Tax ruling brings end to decade-long tax avoidance for businessmen

Thursday 30 May 2019, 10:23AM
By Media Giant
126 views


More than a decade after providing false information to IRD, Paul Webb and business partner David Tauber have lost their bid to overturn convictions for tax evasion in the Court of Appeal.

Their convictions and sentencing in October, 2018, related to false information given in Inland Revenue tax returns between 2007 and 2010, where the companies claimed deductions for interest on loans of $3.62 million, $3m and $2.65m, made in July 2006, September 2007 and September 2008, according to reports.

In their appeal, lawyers acting on behalf of Webb, Tauber and the companies claimed the High Court judge who had sentenced the group made mistakes over interpreting the law and analysing the facts of the case. However, the Appeal Court judges said the transactions were pre-planned, and carried out in anticipation of tax advantages.

"Backdating of documents, the use of legally non-existent entities, the belated giving of instructions to intermediaries, and the circular money trails, all point to preconceived dishonesty," the Appeal Court was reported stating.

The appeals of all the parties in the case were dismissed.

New Zealand Debt Solvers is known for being NZ’s leading registered company liquidators. If you’re concerned about business debt, speaking to the team can help you to understand the options moving forward, and are able to provide a range of services including asset liquidation, debt consolidation, and limited company liquidation.

 

With registered liquidators in Auckland, Hamilton, Wellington and Christchurch, you can speak to New Zealand Debt Solvers about advice on debt consolidation by calling 0800 000 625 today, or visit https://debtsolvers.co.nz/ to learn more about their full range of liquidation and insolvency services.