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Source: Inland Revenue Department –

Commentary on proposed amendments included in the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Bill, introduced to Parliament on 8 September 2021.

The Bill contains a range of proposed improvements and maintenance measures to ensure the smooth functioning of the tax system, including to:

  • align the GST invoicing rules more closely with current business practice
  • modernise the GST rules in relation to cryptoassets
  • set penalties for the sale and acquisition of sales suppression software, and
  • set the annual income tax rates for the 2021–22 tax year.