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Source: New Zealand Inland Revenue Department – Press Release/Statement:

Headline: Report on regulatory review of FBT released

The Public Sector Act 2020 places the responsibility for regulatory stewardship on departments. Regulatory stewardship ensures the health of key regulatory systems, ensuring that that policy and operational responsibilities are effective and operating as intended. The purpose of regulatory stewardship reviews is to identify and address any potential regulatory failures and enable proactive adjustment as objectives and needs change over time.

The Fringe benefit tax: regulatory stewardship review, released today, considers the policy and design of fringe benefit tax, the compliance and administrative experience of the tax and whether fringe benefit tax is fit for the future.

The analysis in the report is supported by appendices that provide an overview of the approach to the review, further details about the history and operation of fringe benefit tax and available data used to inform the review’s findings.