Several retirement villages have paid no tax for at least 10 years, it has been reported. According to NBR, a review of financial statements for Ryman Healthcare, Summerset and Metlifecare revealed that none had paid tax since at least 2007. Over that period, the retirement care providers, which receive government-funded pay rises for staff, reported collective profits of $2.29 billion and paid dividends of $509 million, NBR said. Finance Minister Steven Joyce told NBR the government had no plans for a specific review of the tax position for retirement villages. "If this work reveals a policy problem for any of the sectors, including the retirement villages sector, the government would put this on the tax policy work programme."

Source: New Zealand Herald April 19, 2017 22:52 UTC