Five Australian-owned banks are facing scrutiny over their tax payments from New Zealand's Inland Revenue Department. National Bank, ASB, Westpac, BNZ and ANZ could be forced to pay up to NZ$600 million ($399 million) more tax after Michael Cullen, the New Zealand finance minister, announced that work was under way to meet concerns the banks do not pay tax in proportion to their profits.
August 14 2004