Scoop has an Ethical Paywall
ASB Resolves Tax Dispute
ASB Resolves Tax Dispute
ASB today announced that it has reached a settlement with the Commissioner of Inland Revenue (CIR) relating to four structured finance transactions.
The transactions are the subject of amended assessments issued by the CIR and disputed by ASB.
ASB CEO Charles Pink said that ASB has settled the disputed assessments by agreeing to pay NZ$264M, which represents 80% of the full amount of tax and interest in dispute. ASB's existing provision is adequate to cover the settlement.
"ASB entered into the transactions on the basis of the best tax and legal advice available, and accepted banking practice at the time. However, in light of the High Court’s recent decisions in cases involving structured finance transactions of other banks, we have decided to conclude this matter by negotiation with the CIR.”
ANZ National, BNZ and Westpac have also entered into equivalent settlement agreements with the CIR for a total industry settlement of approximately NZ$2.2 billion.
ENDS
ASB Bank
Helping you get one step ahead.
In 1847, ASB opened as the Auckland Savings Bank with the pledge: 'to serve the community; to grow and to help Kiwis grow'. And that is very much what ASB is about today.
ASB is a leading provider of integrated financial services in New Zealand including retail, business and rural banking, funds management and insurance.
ASB strives to consistently provide its customers with outstanding service and innovative financial solutions. They're dedicated to providing simple financial products that allow their customers to bank with them how and when they want.
We all have our own ways to measure progress, and our own stories about the things that matter to us. Whatever way you choose to measure progress, and whatever your goals, ASB is there to help you get one step ahead.
Bill Bennett: Download Weekly - How would NZ telecoms cope with another cyclone
NZ On Air: Firm Audience Favourites Lead NZ On Air Non-Fiction Funding
Insurance and Financial Services Ombudsman: Woman Gets $40k More After Disputing Insurer’s Decision
BNZ: A Quarter Of Older NZers Fear Going Online Due To Scam Concerns
University of Auckland: Scientists Develop Tool To Monitor Coastal Erosion In Fine Detail
Oji Fibre Solutions: OjiFS Proposes To Discontinue Paper Production At Kinleith Mill
