Government moves to close GST loophole
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: Government moves to close GST loophole Today Minister Nash announced that as part of a Supplementary Order Paper (SOP) to the tax bill currently before parliament, the Government will look to close a GST loophole where not-for-profits arguably don’t have to pay GST on sales […]
Read More →Hong Kong DTA updated
MIL OSI – Source: Inland Revenue Department – Release/Statement Headline: Hong Kong DTA updated An amendment to New Zealand’s double tax agreement with Hong Kong has now entered into force. The amendment widens the exchange of information provisions for the purposes of eradicating tax evasion and avoidance. It brings the agreement with Hong Kong into […]
Read More →BEPS Multilateral Instrument ratified
MIL OSI – Source: Inland Revenue Department – Release/Statement Headline: BEPS Multilateral Instrument ratified New Zealand has now ratified the OECD’s Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the “Multilateral Instrument”, or MLI), which is expected to enter into force for New Zealand from 1 October 2018.
Read More →BEPS Bill passes third reading
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: BEPS Bill passes third reading The Taxation (Neutralising Base Erosion and Profit Shifting) Bill passed its third reading in the House last night. The Bill contains measures to prevent multinational companies from avoiding tax by shifting profits out of New Zealand. For more information see […]
Read More →GST on imported low-value goods proposals launched
MIL OSI – Source: Inland Revenue Department – Release/Statement Headline: GST on imported low-value goods proposals launched The Government has today launched proposals for offshore suppliers of low-value goods to New Zealand consumers to collect and return GST on those goods. For more information see the Minister of Revenue and the Minister of Customs’ media […]
Read More →R&D tax incentive proposals announced
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: R&D tax incentive proposals announced Research, Science and Innovation Minister Megan Woods and Revenue Minister Stuart Nash today launched public consultation on proposals for implementing a research and development tax incentive. The objective is to encourage businesses to invest more into research and development. The […]
Read More →Tax bill enacted
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: Tax bill enacted The Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Bill was enacted on Thursday 29 March 2018. The new Act is now available on the New Zealand Legislation website. — MIL OSI
Read More →Issues paper on loss ring-fencing for rental properties released
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: Issues paper on loss ring-fencing for rental properties released Inland Revenue is seeking feedback on a proposal to ring-fence losses on residential rental properties. The intention of the new policy is to level the playing field between speculators and investors, and home buyers. For more […]
Read More →Minister’s address to the 2018 IFA conference
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: Minister’s address to the 2018 IFA conference The Minister of Revenue, Hon Stuart Nash, spoke at the International Fiscal Association’s conference over the weekend. The Minister focussed on the current priorities facing the Government, particularly measures currently being considered to make the tax system fairer […]
Read More →Tax Working Group Chair’s address to the 2018 IFA conference
MIL OSI – Source: Inland Revenue Department – Release/Statement Headline: Tax Working Group Chair’s address to the 2018 IFA conference Sir Michael Cullen, Chair of the Tax Working Group, spoke at the International Fiscal Association’s conference today. In his speech he discussed some of the issues facing the tax system and the focus of the […]
Read More →Government to retain payroll subsidy
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: Government to retain payroll subsidy The Minister of Revenue announced yesterday that the Government intends to retain the subsidy paid to PAYE intermediaries for a further two years. The subsidy is currently paid to PAYE Intermediaries for managing the PAYE obligations of eligible employers. For […]
Read More →Employment and investment income bill reported back
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: Employment and investment income bill reported back The Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Bill, introduced on 6 April 2017, was reported back to Parliament today. For more information see the bill as reported back and the officials’ report […]
Read More →SOP extends bright-line test
MIL OSI – Source: Inland Revenue Department – Release/Statement Headline: SOP extends bright-line test A Supplementary Order Paper released today proposes an amendment for inclusion in the Taxation (Annual Rates for 2017-18, Employment and Investment Income, and Remedial Matters) Bill. The SOP extends the current “bright-line” test from two years to five years. For more […]
Read More →Error in BEPS Bill
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: Error in BEPS Bill Inland Revenue has become aware of an error in the Taxation (Neutralising Base Erosion and Profit Shifting) Bill currently being considered by the Finance and Expenditure Committee. Wording in the Bill means that the interest deduction limitation rule applying to cross-border […]
Read More →Tax policy news – 18 January 2018
MIL OSI – Source: Inland Revenue Department – Release/Statement Headline: Tax policy news – 18 January 2018 Revenue Minister Stuart Nash today welcomed the decision by Inland Revenue to provide support for drought affected farmers in the lower North Island and the West Coast of the South Island through the income equalisation scheme. For more […]
Read More →Briefing for the Incoming Minister
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: Briefing for the Incoming Minister News and information about the Government’s tax policy work programme, including:– proposed changes to the laws that Inland Revenue is responsible for– updates on the progress of bills through Parliament– policy announcements Home › News › Briefing for the Incoming […]
Read More →Tax policy news – 20 December 2017
MIL OSI – Source: Inland Revenue Department – Release/Statement Headline: Tax policy news – 20 December 2017 News and information about the Government’s tax policy work programme, including: – proposed changes to the laws that Inland Revenue is responsible for – updates on the progress of bills through Parliament – policy announcements Home › News […]
Read More →Families Package Bill passed
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: Families Package Bill passed News and information about the Government’s tax policy work programme, including:– proposed changes to the laws that Inland Revenue is responsible for– updates on the progress of bills through Parliament– policy announcements Home › News › Families Package Bill passed Families […]
Read More →Families Package Bill introduced
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: Families Package Bill introduced A Bill to provide more assistance to families was introduced into Parliament today. The Families Package (Income Tax and Benefits) Bill includes measures to support the Government’s aim of providing more targeted assistance to low and middle income families with children. […]
Read More →BEPS tax bill introduced
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: BEPS tax bill introduced A tax bill which will counter base erosion and profit shifting by multinational companies has been introduced into Parliament today. The Taxation (Neutralising Base Erosion and Profit Shifting) Bill contains measures which will prevent multinationals from using: – artificially high interest […]
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