Latest news with #ScottBurnett
Scoop
2 days ago
- Business
- Scoop
IRD Offers Tax Tips For Destroying Precious Wetlands
On one hand, the Government has policies to protect and restore our critically endangered wetlands. On the other, the tax department is using the destruction of those same wetlands as a helpful hint for a tax write-off. Forest & Bird is asking Inland Revenue Te Tari Taake whether the fines for illegally draining a wetland are also tax deductible, after the department published a 'how-to' on claiming expenses for destroying critical habitats. An official IRD tax guide, released this month, uses the example of a farmer draining a wetland to convert it to grazing land to illustrate a tax-deductible agricultural expense. 'We had to read this twice to believe it,' says Forest & Bird's Regional Conservation Manager, Scott Burnett. 'On one hand, the Government has policies to protect and restore our critically endangered wetlands. On the other, the tax department is using the destruction of those same wetlands as a helpful hint for a tax write-off.' The example (Example 8, page 12) in IRD's Commentary on the Taxation (Budget Measures) Bill (No 2) explicitly states that the cost of draining a wetland for agricultural purposes is tax deductible. 'This is profoundly unhelpful and sends all the wrong signals,' says Mr Burnett. 'Draining a wetland is not a casual business decision; it's an environmentally destructive act that is illegal in most circumstances. Our remaining wetlands are precious taonga. They are the last refuge for endangered species and are essential for filtering our water and a nature-based solution for preventing floods.' 'Councils around the country are prosecuting people for this very activity. We're curious if IRD's tax advice extends to the non-deductibility of the court-imposed fine, and enforcement action, when the regional council prosecutes the farmer for draining the wetland.' Since European settlement, approximately 90% of New Zealand's wetlands have been drained or filled for farming or urban development. This dramatic loss makes the protection and restoration of the remaining wetlands a national priority for conservation and climate resilience. 'While DOC, councils, and community groups are spending millions of taxpayer and ratepayer dollars restoring wetlands, the IRD is effectively publishing a 'how-to' guide on writing off their destruction.' Forest & Bird is calling on Inland Revenue to remove this example from its commentary and ensure all official government guidance aligns with New Zealand's environmental laws and conservation goals.
Scoop
2 days ago
- Business
- Scoop
IRD Offers Tax Tips For Destroying Precious Wetlands
Forest & Bird is asking Inland Revenue Te Tari Taake whether the fines for illegally draining a wetland are also tax deductible, after the department published a "how-to" on claiming expenses for destroying critical habitats. An official IRD tax guide, released this month, uses the example of a farmer draining a wetland to convert it to grazing land to illustrate a tax-deductible agricultural expense. 'We had to read this twice to believe it,' says Forest & Bird's Regional Conservation Manager, Scott Burnett. 'On one hand, the Government has policies to protect and restore our critically endangered wetlands. On the other, the tax department is using the destruction of those same wetlands as a helpful hint for a tax write-off." The example (Example 8, page 12) in IRD's Commentary on the Taxation (Budget Measures) Bill (No 2) explicitly states that the cost of draining a wetland for agricultural purposes is tax deductible. 'This is profoundly unhelpful and sends all the wrong signals,' says Mr Burnett. 'Draining a wetland is not a casual business decision; it's an environmentally destructive act that is illegal in most circumstances. Our remaining wetlands are precious taonga. They are the last refuge for endangered species and are essential for filtering our water and a nature-based solution for preventing floods." 'Councils around the country are prosecuting people for this very activity. We're curious if IRD's tax advice extends to the non-deductibility of the court-imposed fine, and enforcement action, when the regional council prosecutes the farmer for draining the wetland." Since European settlement, approximately 90% of New Zealand's wetlands have been drained or filled for farming or urban development. This dramatic loss makes the protection and restoration of the remaining wetlands a national priority for conservation and climate resilience. 'While DOC, councils, and community groups are spending millions of taxpayer and ratepayer dollars restoring wetlands, the IRD is effectively publishing a 'how-to' guide on writing off their destruction." Forest & Bird is calling on Inland Revenue to remove this example from its commentary and ensure all official government guidance aligns with New Zealand's environmental laws and conservation goals.
Yahoo
03-05-2025
- Business
- Yahoo
WTW expands trade credit services with CFS International purchase
Global broking and advisory company WTW has acquired credit insurance operator CFS International for an undisclosed sum. The company will be integrated into Willis, a WTW business. This purchase is part of WTW's strategy to invest in trade credit business and increase its footprint on the US West Coast. Set up in 1990, CFS focuses on offering trade credit insurance coverage to global companies. WTW Risk & Broking business head of corporate mergers & acquisitions Scott Burnett said: 'The acquisition of CFS is our second in as many months. The first, Global Commercial Credit, expanded our trade credit footprint in the Midwest, while CFS enhances our coverage and service for clients and prospects on the West Coast. 'CFS aligns with our focus on specialised industries, expanding our resources and services nationwide. This deal strengthens our position as a leading trade credit provider and demonstrates WTW's strategic investments to optimise our global portfolio and pursue high-growth broking businesses.' CFS president Ralph Clumeck stated: 'This world-class organisation is a perfect strategic fit for our clients as the transition will provide them with broader access to the markets, a wider range of products and solutions, and the strength of one of the industry's most respected names. 'As I step away from the business, I do so with confidence and gratitude, knowing that our clients are in excellent hands. Bridget Clumeck is excited to lead this next chapter, and she will continue to provide the exceptional service and support our clients have come to expect.' This move follows WTW's acquisition of Michigan-based Global Commercial Credit (GCC) last month, which is also integrated into Willis. GCC also offers trade credit, along with political risk insurance and credit information services. "WTW expands trade credit services with CFS International purchase " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-04-2025
- Business
- Yahoo
WTW buys Michigan broker Global Commercial Credit
Broking and advisory company WTW has acquired Michigan-based Global Commercial Credit for an undisclosed sum. GCC will be integrated into Willis, a WTW business. This move is part of the company's strategy to expand into specialised businesses that support its growth plan. Set up in 1995, GCC specialises in credit risk management solutions, offering products such as trade credit and political risk insurance, alongside credit information services. WTW said that the acquisition strengthens its industry diversification across 'strategic sectors'. The transaction also includes WTW's purchase of ProfitGuard, a credit risk management service that complements trade credit insurance. ProfitGuard's scalability is set to enhance the value proposition for WTW's global client base. WTW risk & broking business corporate mergers & acquisitions head Scott Burnett said: 'This acquisition is one of the ways WTW is investing strategically to optimise our portfolio and pursue scaled and high-growth broking businesses, accelerating our specialisation strategy in selected industries, and expanding our capabilities and reach across the insurance value chain. The acquisition of GCC significantly enhances our scale and growth potential for our credit and political risk business in North America. 'It also diversifies our client base across industries, strengthens our sales capabilities nationwide and opens opportunities to introduce complementary products to WTW's global clients. With this deal, Willis will become one of North America's leading trade credit insurance specialists, with deep financial institution and industry expertise.' The latest deal follows WTW's stake purchase in UK-based advice-led wealth manager atomos in October last year. In 2023, WTW announced the acquisition of AIMUW, an Italian managing general agent specialising in professional services, agriculture and the public sector. "WTW buys Michigan broker Global Commercial Credit " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
