INSIDE THIS EDITION Don’t forget the risk from within 1 Inland Revenue is taking a tougher stance on debt 2 Taxing the sun 3 FBT changes 3 Snippets 4 IRD interest rates 4 Depositor Compensation Scheme 4 Don’t forget the risk from within Online scammers and phishing attacks have become extremely sophisticated lately. Hence, it is understandable that we are constantly warned to be vigilant and on the lookout for the next attack. But as focus shifts to looking outside the orga

With increased Inland Revenue (IRD) scrutiny, one of the issues on IRD’s radar is whether individuals associated with a company are deriving market salaries or not. The IRD’s concern in these scenarios is whether income is being taxed at a rate less than the top personal marginal rate of 39%. For this purpose, two aspects are relevant – first, the personal attribution rules and second, the principles from the Penny & Hooper court case law. The personal services attributio