BNZ in IRD's sights

The Bank of New Zealand looks to be first in line as the Inland Revenue takes legal action over what it alleges are large scale tax avoidance arrangements.

According to the Crown Law Office's annual report, the BNZ, ANZ, National Bank, and Westpac are being scrutinised over structured finance arrangements. The litigation covers 38 separate High Court challenges and three judicial reviews.

It expects the first case to go to trial will involve the BNZ and is likely to take place later this year.

- NEWSTALK ZB