Jay Changlani – As a part of Budget 2015, the Government announced that it would introduce a ‘Bright-Line’ test (Indian Newslink, June 1 & 15 issues) for sale of residential property. The Test will require income tax to be paid on gains from residential property bought and sold within two years, with the exception of the main family home. The…
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Switzerland discloses seven Indian names
Priti Patnaik (The Wire) More names of Indian tax evaders are likely to surface from Switzerland in the future. There are several reasons for this, including how the Swiss government could potentially treat stolen information on accountholders in the future, and an impending review by the OECD that will take stock of how Switzerland is faring in treating requests for administrative…
Read MoreAlexandra Park creates new heart in Epsom
Venkat Raman – Auckland’s growing importance as a destination for conferences, exhibitions and ceremonial functions has led to increasing demand for quality venues, catering to organisations and individuals who are conscious of cost-effective solutions. Indian Newslink has a judicious mix of venues to host its well-branded events. Thus, our three annual events, namely Indian Newslink Indian Business Awards Presentation Ceremony,…
Read MoreTheft of funds leads woman to prison
The Rotorua High Court sentenced Linnet Lewis to five years and five months’ imprisonment on June 19, 2015. She pleaded guilty to 16 charges of theft in a special relationship in May 2015. A Serious Fraud Office (SFO) investigation resulted in criminal charges against the defendant in November 2013. Cool Million In 2004, Ms Lewis set up a business to…
Read MoreReserve Bank ultimatum on AMLC Report
Staff Reporter – Reserve Bank of New Zealand (RBNZ) has announced that all reporting entities should file their annual reports on or before August 31, 2015. The requirement is in terms of compliance of Section 60 of the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT) 2009. The Annual Report is in respect of the period covering July 1,…
Read MoreBanks’ profits surge despite market stress
Sam Shuttleworth – New Zealand’s five major banks (ANZ, ASB, BNZ, Kiwibank and Westpac) have continued to show strong profits and lending growth in the first quarter of the 2015 calendar year (being January 1, 2015 to March 31, 2015, 1Q2015) however lending margins are beginning to contract due to stiff competition. Net profit before tax increased by $94 million…
Read MoreFailure to plan equates planning to fail
Jay Changlani – Not planning is the recipe for failure. Indian Newslink carried a report in its June 15, 2015 edition of an East Auckland (Howick) Indian couple sentenced to home detention for under-returning sales by $1 million in cash. As business owners, we understand the consequences of under-declaring the income to Inland Revenue Department (IRD) but a few do…
Read MorePerformance at home dictates foreign policy success
Shivshankar Menon – One year after coming to power, the first thing that strikes one about the foreign policy of the Narendra Modi government is its remarkable consistency with that of its predecessor. Even on issues like the Land Boundary Agreement with Bangladesh and the Nuclear Cooperation (or ‘123’) Agreement with the United States – where the Bharatiya Janata Party…
Read MoreEvery Risk Plan should cover Trauma
Jayalakshmi Vasudevan, a reader from Wellington asked AIA New Zealand, “What is Trauma Insurance? What are the circumstances under which a person can claim under this Policy?” An AIA official replied: Trauma Insurance pays a lump sum (agreed at the time of application) if the Life Assured suffers from a specified critical illness. Vulnerable women Trauma Cover is a vital…
Read MoreGold trader awaits court verdict
Serious Fraud Office Grace Holdings NZ Limited Director Kairuaiti Tangata Oropai Robert Kairua (55) pleaded guilty in the Auckland District Court to charges brought by the Serious Fraud Office (SFO). SFO filed the charges in the court in January 2013 and included 17 Crimes Act charges of theft by a person in a special relationship and 12 charges of false…
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