IRD: Increasing attention for property deals
Revenue Minister Todd McClay told the Finance and Expenditure Committee this week that the department had proved quite efficient at getting a return for the taxpayer when it came to property tax compliance.
He said, in the first year of increased monitoring, the IRD had found $53 million in tax discrepancies on property transactions.
"We started an initiative in 2010 where additional resources were given to Inland Revenue to look at property compliance and the returns have been initially higher than [$8.40 for every $1 spent] and have levelled out at that level."
He said the IRD would look at areas of the market where there were movements and fluctuations and would study sales and audit transactions.
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