How BVI's work
April 11, 2014 | Fraud
The Australian Taxation Office (ATO), as well as the Australian Government, is concerned about the risks and issues with the country’s tax system, and next year it is planning to focus on profit shifting, tax crime, and the misuse of trusts.The ATO considers that about 1,300 large multinational businesses, which have annual turnover of more than AUD250m (USD229.5m), are using complex structures that enable them to shift profits to low tax jurisdictions, among them the British Virgin Islands, Singapore, the Cayman Islands, and the Cook...
Bribery in New Zealand
April 11, 2014 | Fraud
This past month we have had an increase in dealing with matters concerning allegations of corruption and bribery. An Organisation for Economic Co-operation and Development report, released recently, raps New Zealand for failing to tackle foreign bribery. It focuses on corruption in international business transactions and compliance with an anti-bribery convention. The report notes that New Zealanders are reluctant to accept their business community pays sweeteners. The Organised Crime and Anti-Corruption Legislation Bill, to be introd...
Fraud much higher than firms admit: investigator
February 20, 2014 | Fraud
A third of Kiwi businesses admit being victims of crime, however the real figure is probably much higher, a private investigator says. A survey conducted by PricewaterhouseCoopers (PwC) found 33 per cent of Kiwi businesses surveyed admitted to being victims of crime. That figure is slightly below the global average of 37 per cent and well below Australia (57 per cent), however the low New Zealand number could well be because many business choose not to report crimes. "There is a lot of unreported crime out there," Daniel Toresen of pr...