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On 29 September 2006 the New Zealand Commerce Commission fined Westpac NZ$5.1 million for hidden foreign transaction fees, with most of the fine being reimbursement to affected customers, in the order of 12% of the fees actually charged. All other banks operating in New Zealand had either already been fined or were awaiting a court case.
[7] In 2021, further business transformation activities were undertaken, including an upgrade to myIR, their secure online service, which has made it easier for customers to manage their tax and payments online. In 2020, Inland Revenue delivered a change to the revenue system for individuals where every taxpayer account for income tax, Working ...
Businesses in New Zealand pay income tax on their net profit earned in any specific tax year. For most businesses the tax year runs from 1 April to 31 March but businesses can apply to the Inland Revenue for this to be changed. A provisional taxpayer is a person or a company that had a residual income tax of more than $5000 in the previous tax ...
Westpac NZ offers a full banking service with around 1.5 million customers, and 196 branches nationwide. It is one of the big four banks in New Zealand and provides services to small to medium business, corporate and institutional organizations, and is the banker of the New Zealand government. [40]
For example, in the United States, suspicious transaction reports [3] must be reported to the Financial Crimes Enforcement Network (FinCEN), an agency of the United States Department of the Treasury. FinCEN maintains a team of analysts who meticulously review these Suspicious Activity Reports to detect potential money laundering activities.
cash transactions of A$10,000 or more, or foreign currency of that value, international funds transfer instructions, either into or out of Australia, of any amount, and; suspicious transactions of any kind, being transactions the dealer may reasonably suspect of being part of tax evasion or crime, or might assist in a prosecution.
[8] [1] [2] [3] 400 journalists from 88 countries investigated the documents which were brought to the public's attention on 20 September 2020. [8] BuzzFeed News and the ICIJ state that the files flag over 200,000 transactions dating from 1999 to 2017, worth a total of US$2 trillion. [9]
Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National Australia Bank.There are several smaller banks with a presence throughout the country which includes Bendigo and Adelaide Bank, Suncorp Bank, [1] and a large number of other financial institutions, such as credit unions, building societies and mutual banks ...