Check on tax schemes
The Inland Revenue Department is investigating company; schemes which it suspects have been set up purely for tax avoidance, said the Prime' Minister (Mr Muldoon) yesterday.
He was not sure who initiated the inquiry but the matter was under consideration, he told a news conference. “We have had one or two quite interesting examples brought to our attention lately, and the department believes that it can attack them under the present law,” he said. There was no disagreement in principle to the practice of companies paying tax-free dividends from capital reserves.
“But some ingenious people are now devising schemes which clearly come into this category as arrangements for avoidance of tax,” he said.
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Press, 28 May 1981, Page 1
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117Check on tax schemes Press, 28 May 1981, Page 1
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