Recent local news releases issued by Ernst & Young
Andrew Taylor and Gareth Galloway: We look healthy but we're still vulnerable
Spectre of regulation could spark uncertainty and undermine recovering capital markets
China’s burgeoning media and entertainment industry
New Zealand businesses cannot afford to ignore China’s burgeoning media and entertainment industry. Most homes have television and even an industry sector such as publishing, which is struggling in more mature markets, is thriving in China
Read the Chinese version
Spotlight on China
New Zealand businesses cannot afford to ignore China’s burgeoning media and entertainment industry.
Changes inevitable to tax tech giants
Technology giants are likely to face increased global tax bills in the future.
Taxpayers have won a significant courtroom victory over the IRD
The IRD has decided not to appeal a High Court decision by Justice Paul Heath, who overturned a ruling by the Taxation Review Authority against anaesthetist Philippa Catherine White.
Trans-Tasman companies caught in tax sting
Trans-Tasman companies with expats in top management positions are likely to be the biggest losers in the IRD’s latest tax grab as it moves to retrospectively tax accommodation allowances.
As the political furore about the meagre taxes collected from tech companies gains global momentum, New Zealanders should focus on the real issue: how we can best attract and retain more of the real value-adding functions of these companies.
Kiwis need a slice of banking action
New Zealanders should be demanding the opportunity to buy shares in the Kiwi operations of Australian banks without having to invest also in the parent companies.
2012 Ernst & Young Entrepreneur Of The Year Announced
Craig Heatley, founder of SKY TV, is the winner of the Ernst & Young Entrepreneur Of The Year award.
2012 Ernst & Young Entrepreneur Of The Year finalists announced
3 August 2012
Sixteen of New Zealand's top entrepreneuers have reached the finals in this country's most prestigious business award, the Ernst & Young Entrepreneur Of The Year®.
2011 Ernst & Young Entrepreneur Of The Year announced
23 September 2011
Bill Buckley, from Buckley Systems Ltd, is the winner of the Ernst & Young Entrepreneur Of The Year award.
2011 Entrepreneur Of The Year category winners announced
19 August 2011
Category winners in the 2011 Ernst & Young Entrepreneur Of The Year® Awards were announced today.
2011 Entrepreneur Of The Year Finalists Announced
4 August 2011
Thirteen of New Zealand’s top entrepreneurs have reached the finals in this country’s most prestigious business awards, the Ernst & Young Entrepreneur Of The Year®.
IRD’s Compliance Focus 2011-12
5 August 2011
In a move to improve taxpayer compliance and to inform the public that non compliance will not go undetected the Inland Revenue Department (IRD) has released details of its Compliance Focus for 2011/2012.
Labour’s tax plan - what’s in and out of the GST basket?
3 August 2011
Removing GST from fresh fruit and vegetables, as proposed by the Labour Party if it wins this year's election, would save households on the average wage only $2.65 a week.
And, if the experience of countries like Britain and Australia is any guide, the complexity of defining precisely what constitutes fresh fruit and vegetables is likely to clog the court system for years.
Cutting the clutter from financial reports
22 July 2011
Relief could be in sight for investors struggling with information overload in company financial statements and for those charged with producing these accounts.
The New Zealand Institute of Chartered Accountants (NZIAC) and its Scottish counterpart, the Institute of Chartered Accountants for Scotland (ICAS), have produced a report recommending big changes aimed at making financial statements more user-friendly, while continuing to comply with International Financial Reporting Standards (IFRS).
Capital gains tax
14 July 2011
Labour's proposals to tax capital gains and increase the top personal tax rate for those earning more than $150,000 per year might address perceived fairness issues but at what cost?
Taxpayers boxing at shadows in an increasingly hostile environment
5 July 2011
Parliament’s Finance and Expenditure Committee (FEC) has rejected concerns of major groups including the Law Society, New Zealand Institute of Chartered Accountants, major accounting and law firms and the Corporate Taxpayers Group in its report on amendments to the controversial tax administration Bill first introduced in November 2010.
Tax deductions - software development
30 June 2011
Revenue Minister Peter Dunne’s promise of retrospective tax deduction legislation has averted a tax row over businesses being able to claim for failed software developments.
Taxpayers face greater uncertainty
23 June 2011
A controversial change included in Inland Revenue’s latest Tax Administration and Remedial Matters Bill, which is on its way to receive approval, will have a major impact on Taxpayers’ rights.
NZ Budget 2011: Tough, Tight, and Optimistic
19 May 2011
Budget 2011’s stated aims are to achieve higher and more sustainable growth, to “tilt the economy towards exports, savings and investment and away from borrowing and consumption.”
Private equity investment doubles in 2010
20 April 2011
Private equity deals in the New Zealand market continue to increase in value and number as market confidence grows with a broad range of opportunities emerging for persistent and astute investors particularly in the mid market,” says Andrew Taylor, partner Ernst & Young.
Diane Forman appointed World Judge for Ernst & Young's Entrepreneur Of The Year©
19 April 2011
Auckland - Diane Foreman, winner of the 2009 Ernst & Young Entrepreneur Of The Year© has been appointed to the judging panel of the prestigious World Entrepreneur Of The Year Awards program.
“This is a first for Australia and New Zealand,” said Jon Hooper. “It is the fourth time a New Zealander has been appointed to the judging panel but the first time a woman has been appointed.”
GST at centre of election year tax agenda
1 February 2011
• GST is at 15% and prices continue to rise
• Support is growing for exempting more goods and services from GST
• The Labour Party has come out in favour of removing GST on fresh fruit and vegetables
• There's support in the Maori Party for no GST on certain basic foods
• New Zealand has the 5th highest GST rate in the OECD for basic food
• NZ’s GST rate for education, healthcare and books is in the top half
• Two-thirds of global companies, or their subsidiaries, have undergone transfer pricing audits
• Multinationals are devoting more time to compliance
Even with an improving global economy, governments facing daunting deficits remain focused on raising revenues through taxation with transfer pricing singled out as a key target.
25 November 2010
This week’s Taxation (Tax Administration and Remedial Matters) Bill proposes many changes for taxpayers, some favourable and others not so much.
Borderless workplaces, mobility and 24x7 systems access top IT risks to business: Businesses unprepared
25 November 2010
Companies remain unprepared for the risks associated with the adoption of new technologies with less than a third of global businesses with an IT risk management program in place capable of pretecting vital company data.
Entrepreneurship in the spotlight
19 November 2010
Entrepreneurship is in the spotlight this week as people all over the world acknowledge the importance of initiative, creativity, innovation and commitment to building the world’s economy.
17 November 2010
The highest court in the land has delivered its judgment in the GST case involving inbound tour operator Contract Pacific and the Commissioner of Inland Revenue. This is the final instalment in a dispute which started 10 years ago.
GST - How high can it go?
17 November 2010
As consumers struggle with the GST increase and other price rises the Savings Working Group has suggested raising the rate even higher.
NZ private equity showing recovery signs
4 November 2010
Private equity investment in New Zealand is on the increase with $170 million of investment in the first half of 2010 – the highest activity level since the global financial crisis.
GST fact and fiction
1 November 2010
As consumers struggle with the financial impact of our GST increase we are told New Zealand's GST rate is the fourth lowest in the OECD. The missing piece of this jigsaw is most other countries have exemptions for food and other essential items.
Tax cuts signify a major change to our tax competitiveness with Australia
30 September 2010
NZ’s personal tax cuts signify a major change to our tax competitiveness with Australia. Over the last decade Australia has had a series of personal tax cuts that have eroded NZ’s tax competitiveness to the stage where anyone earning $240,000 or less would pay less tax in Australia.
28 September 2010
Labour leader Phil Goff’s announcement that his party, if elected, will remove GST on fresh fruit and vegetables represents a huge shift in GST policy for the political party which first gave us GST back in 1986.
Counting the cost of the earthquake
15 September 2010
Ernst & Young recommends that business owners document everything during the earthquake recovery process to ensure a comprehensive insurance claim can be submitted and valuable information captured to strengthen crisis and business continuity planning for the future.
26 August 2010
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) yesterday released a proposal to improve the accounting for leases under both IFRS and US GAAP.
2010 Ernst & Young Entrepreneur Of The Year Finalists announced
12 August 2010
15 of New Zealand’s most successful entrepreneurs have made it through to the finals in New Zealand’s leading business awards, the Ernst & Young Entrepreneur Of The Year®. The finalists represent a cross section of industries throughout New Zealand.
“Helping you get it right. IRD’s compliance focus 2010-11”
27 July 2010
In a move to promote greater transparency and improve taxpayer compliance, the Inland Revenue Department (IRD) has, for the second time in its history, released details of its compliance focus for 2010-11.
ICAP's Michael Spencer named Ernst & Young World Entrepreneur Of The Year 2010
6 June 2010
Michael Spencer, Group CEO of the UK's ICAP plc, was last night named the Ernst & Young World Entreprenuer Of The Year 2010 at an awards ceremony held in Monte Carlo's Salle des Etoiles.
Diane Foreman competes in Monte Carlo
3 June 2010
Diane Foreman, New Zealand Ernst & Young Entrepreneur Of The Year and owner of Emerald Foods and high quality ice cream brand New Zealand Natural, will compete with entrepreneurs from over 50 countries around the globe at the 10th Ernst & Young World Entrepreneur Of The Year Award in Monte Carlo on Saturday June 5.
2010 New Zealand Entrepreneur Of The Year search begins
29 April 2010
The search for New Zealand's leading entrepreneurs is on again with the launch of the 2010 New Zealand Ernst & Young Entrepreneur Of The Year awards.
Private equity reports rise in overall activity and market confidence
20 April 2010
New Zealand’s private equity market is emerging from the recession in a positive frame, according to a new report released today by Ernst & Young and the NZVCA.
Results of the report – the seventh full-year New Zealand Private Equity and Venture Capital Monitor 2009 - show significant increase in activity compared with 2008, both in terms of the number and value of deals.
Tax Working Group report creates uncertainty for taxpayers
20 January 2010
Given the mandate of the Tax Working Group and the diverse views of its members, it should come as no surprise that its report sets out the framework for reform and poses some interesting questions, but doesn’t provide many answers.
Information security risk management a top priority for 2010
16 December 2009
Companies need to take a more information-centric view of security to support today’s connected businesses and increasingly mobile and global workforces, according to the 12th annual Ernst & Young 2009 Global Information Security Survey.
2009 Entrepreneur Of The Year Overall Winner announced
23 October 2009
Diane Forman, Emerald Group Limited, has been named Ernst & Young Entrepreneur Of The Year for 2009. Diane will represent New Zealand at the Ernst & Young World Entrepreneur Of The Year Awards in Monte Carlo in May 2010.
2009 Entrepreneur Of The Year Category Winners announced
11 September 2009
Five New Zealand entrepreneurs took top position today as category winners in the Ernst & Young Entrepreneur Of The Year Awards for 2009. Only one entrepreneur will go on to represent New Zealand at the World Entrepreneur Of The Year Awards in Monte Carlo next year.6 Entrepreneurs announced as finalists in the 2009 New Zealand Ernst & Young Entrepreneur Of The Year awards.
2009 Entrepreneur Of The Year Finalists announced
14 August 2009
16 Entrepreneurs announced as finalists in the 2009 New Zealand Ernst & Young Entrepreneur Of The Year awards.
Michael Hill vies for world entrepreneur title
25 May 2009
Micheal Hill, 2008 New Zealand Ernst & Young Entrepreneur Of The Year, heads over to Monte Carlo to compete against 41 of the world's best entrepreneurs.
2009 Beyond Borders: Global Biotechnology Report
20 May 2009
Biotechnology: Deep financing challenges separate haves and have-nots and accelerate move to sustainable models according to Ernst & Young.
Divesting in turbulent times
5 May 2009
Unprecedented economic volatility means that the ‘accepted’ divestment norms no longer apply, according to a new Ernst & Young report.
Ernst & Young congratulates World Class NZ Biotech Winner
17 March 2009
Despite the global financial crisis, New Zealand’s biotech industry continues to progress.
Brand protection a major force driving information security
14 November 2008
Damage to brand and reputation from information security breaches is top of mind for New Zealand’s information security leaders, according to the eleventh Ernst & Young Global Information Security Survey.
Ernst & Young Entrepreneur Of The Year 2008 Overall Winner
22 October 2008
Michael Hill from Michael Hill International has been named Ernst & Young Entrepreneur Of The Year for 2008.
2008 half year results maintain momentum despite tough market conditions
16 September 2008
Results from the 2008 half year New Zealand Private Equity & Venture Capital Monitor show activity momentum has been maintained despite tough market conditions.
Category winners named in Ernst & Young Entrepreneur Of The Year Awards
12 September 2008
Eighteen entrepreneurs became five today as the Category Winners in the 2008 Ernst & Young Enterpreneur Of The Year were announced. Each of the category winners has successfully created and developed innovative businesses which have been successful in their chosen markets. The five category winners will now compete for the overall title of Ernst & Young Entrepreneur of the Year.
Ernst & Young Entrepreneur Of The Year 2008 Finalists Announced
15 August 2008
Eighteen entrepreneurs representing seventeen New Zealand businesses have been named as finalists in one of New Zealand’s leading business awards. The finalists in the 2008 Ernst & Young Entrepreneur Of The Year Awards are spread throughout New Zealand and represent a wide range of industries, including a wind turbine manufacturer, retirement village developer, jeweller, children’s performing arts teacher, and a video games developer.
2008 Beyond Borders: Global Biotechnology Report
19 June 2008
Record venture capital and heated deal environment propel global biotechnology industry forward in 2007. Ernst & Young’s 2008 Global Biotechnology Report reveals robust investment in the industry; sweeping trends that are transforming the industry.
2008 World Entrepreneur Of The Year announced
1 June 2008
Dr Jean-Paul Clozel, founder of Switzerland’s Actelion Pharmaceuticals Ltd, has been named Ernst & Young World Entrepreneur Of The Year for 2008. Ashley Berrysmith represented New Zealand at the prestigious awards in Monte Carlo.
Government shadow boxing with tax changes
27 February 2008
On Monday, the Government announced tax reforms to treat debt issues under so-called "stapled securities" as equity. With this, the Government has potentially scuttled the capital raising plans of the Canadian Pension Plan for its partial acquisition of Auckland Airport.
Double tax agreements on the table
25 January 2008
The announcement of a review of the Australia-New Zealand double tax agreement provides the Government with an immediate opportunity to boost returns for New Zealand exporters,” says Ernst & Young tax director Alan Judge.