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.
