Tag: News

Growing Concern Over Rising Financial Services Complaints

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As economic pressures grow on consumers, there has been an increase in the number of financial services complaints. Financial Ombudsman, Susan Taylor, reported that there was a 17.5% surge in complaints lodged in the six months leading to December 2022. She noted that issues like higher interest rates and the…

Cyber Scams Becoming Increasingly Sophisticated

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The NZ Superannuation Fund has reported incidents of scammers impersonating the fund online in a bid to defraud people of their money. The cons involve offering savers access to cryptocurrency investments. There was also an incident whereby the scammers used fake names and images to appeal for investments in the…

IRD To Focus on Taxpayers with Overseas Incomes

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The Inland Revenue Department (IRD) has just released its Offshore Tax Transparency guide that will help tax agents to comply with international rules. According to IRD spokesperson John Nash, New Zealand’s tax residents are obligated to pay tax on their worldwide income. This applies even where withholding tax has been…

New Charter to Regulate the Use of Data in Algorithms

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Statistics New Zealand has begun using an Algorithm Charter for Aotearoa New Zealand that guarantees the secure use of New Zealanders’ personal data by public agencies. This measure, which regulates the use of data and analytics, comes in response to suggestions made within the Algorithm Assessment Report in 2018. The…

New Zealand Announces Small Business Cash Flow Loan Scheme

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The government has introduced the Small Business Cash Flow Loan Scheme (SBCS) to assist businesses as the country re-opens. Even though most businesses can now operate as normal, many still face an uncertain future, and the SBCS is meant to ensure they can continue to operate. The scheme will be…