10.4 29%20Business%20%26%20Tax%20Ethics%2cTax%20Planning%20%26%20Avoidance0

10.4 29%20Business%20%26%20Tax%20Ethics%2cTax%20Planning%20%26%20Avoidance0

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ACIS 254 – 21 MAY 2009 LECTURES 29 AND 30 BUSINESS AND TAX ETHICS, TAX PLANNING, INTRODUCTION TO TAX AVOIDANCE Readings for lectures 29 to 33: New Zealand Taxation 2009, Ch 21, paras 21.1 – 21.13.2. Also Master Tax Guide 2009, Chapter 33: Master Tax Guide, paras 33- 010 to 33-345, and Chapter 23, paras 23-160 to 23-175. Business and Tax Ethics “Ethics are, and always will be, an integral part of any organisation”. Introduction Ethics are an individual predisposition - people have different values and cultural influences that affect their behaviour. Bribes for example, are common in some countries and are regarded as acceptable to facilitate some business transactions in a timely manner. Some people obey laws, some people do not. The New Zealand Institute of Chartered Accountants has a Code of Ethics based on a number of fundamental principles that express the basic tenets of ethical and professional behaviour and conduct. Observance of these Fundamental Principles is central to the public interest. All Institute members must abide by these fundamental principles at all times. The Fundamental Principles are: Integrity – not merely honesty but fair dealing and truthfulness. Objectivity and Independence – a member must not allow prejudice or bias, or a conflict of interest or influence of others to override objectivity. Members must be, and be seen to be, independent. Competence – a member should only undertake professional work in which they have the competence necessary to perform the work. Quality Performance – work should be performed in a timely manner and carried out in accordance with the relevant technical and professional standards appropriate to that work. Professional Behaviour – a member should maintain a good reputation and refrain from conduct which might bring discredit to the profession. There are also tax practice guidelines intended to assist members who undertake any tax work or provide tax advice. The guidelines highlight ways in which members can become exposed to claims or other consequences for professional default with respect to tax matters, as well as guidelines when representing their clients in tax disputes and litigation, when to involve legal professionals, and what to do if they encounter illegal transactions or have a conflict of interest issue arise. Duties of Taxpayers
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Taxpayers have legal obligations to pay taxes imposed on them. They have the primary statutory obligation, which remains with them despite the involvement of advisors and third parties. The legal obligations extend not only to the obligation to pay a sum of money, but also to significant procedural compliance duties relating to filings and disclosure. Tax legislation also confers rights and benefits on taxpayers, such as the ability to carry forward losses, or entitlements to privileged communications. While most of the obligations and entitlements arise under statutes, they also arise under the practice of Inland Revenue Department (IRD) or common law. Duties of Advisors
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This note was uploaded on 12/23/2009 for the course BCOM ACIS 254 taught by Professor Alistairhodson during the Spring '09 term at Canterbury.

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10.4 29%20Business%20%26%20Tax%20Ethics%2cTax%20Planning%20%26%20Avoidance0

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