The true Story of Bank of New Zealand and how they have progressed to help out New Zealand communities by avoiding tax.

In 2009 after various court cases and appeals the High Court found in favor of IRD that both BNZ and Westpac banks had been avoiding tax intentionally through a sham known as “structured finance” or “repo loans”. Other banks such as ANZ National and ASB were also implicated. All the banks settled to pay IRD 2.2 Billion dollars which was made up of tax owed and interest. The banks only ended up paying 80% of this.

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