KEY POINTS:
The Government estimates tax schemes involving leases on overseas assets could cost it hundreds of millions of dollars in lost revenue.
The Government is to change tax rules that allow parties to claim depreciation deductions for assets in which they have no financial interest. The assets are in turn leased to offshore entities that are not subject to our tax laws.
Revenue Minister Peter Dunne will not give details about the companies or individuals involved, but said potentially the cost in lost revenue could have been around $100 million over the next decade.
He said Inland Revenue has advised there was a potentially significant problem so they are moving to fix it before it gets worse.
- NEWSTALK ZB
