Australia-NZ tax treaty – administrative approach to Article 4(1) of the MLI
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: Australia-NZ tax treaty – administrative approach to Article 4(1) of the MLI The Australian Tax Office and New Zealand Inland Revenue are in the process of formalising a practical administrative approach for non-individual dual residents affected by Article 4(1) of the Multilateral Convention (MLI). — […]
Read More →Tax bill introduced
Source: Inland Revenue Department The Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Bill was introduced in Parliament today. The Bill proposes that when an offshore supplier, such as a website or an online marketplace, has annual sales to New Zealanders above the $60,000 GST registration threshold, they will have to […]
Read More →R&D tax bill introduced
Source: Inland Revenue Department The Minister of Research, Science and Innovation introduced the Taxation (Research and Development Tax Credits) Bill today. The Bill includes the proposed legislation for the Government’s R&D tax incentive package, previously announced on 3 October 2018. For more information see the Ministers’ media statement, the Bill, commentary on the Bill, and […]
Read More →Proposed new rules for GST on low-value imported goods announced
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: Proposed new rules for GST on low-value imported goods announced In his speech today at the Chartered Accountants Australia New Zealand tax conference, the Minister of Revenue announced proposed new rules for GST on low-value imported goods. — MIL OSI
Read More →SOP to June tax bill on bloodstock changes released
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: SOP to June tax bill on bloodstock changes released A Supplementary Order Paper released yesterday proposes changes to the tax treatment of bloodstock for inclusion in the Taxation (Annual Rates for 2018-19, Modernising Tax Administration, and Remedial Matters) Bill, introduced into Parliament on 28 June 2018 […]
Read More →Government consults on information sharing with SFO and Customs
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: Government consults on information sharing with SFO and Customs An existing information sharing agreement between Inland Revenue and the New Zealand Police enables Inland Revenue to provide information, under certain criteria, to the New Zealand Police to help detect, prevent and prosecute serious crime. — […]
Read More →Research and development tax credit documents released
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: Research and development tax credit documents released Documents prepared as part of the advice provided to Ministers on the introduction of a research and development tax credit are now available. Other related documents are also available on the Ministry of Business, Innovation & Employment and […]
Read More →Public feedback sought on draft BEPS guidance
Source: New Zealand Inland Revenue Department – Press Release/Statement: Headline: Public feedback sought on draft BEPS guidance Following the enactment of the Taxation (Neutralising Base Erosion and Profit Shifting) Act earlier this year, Inland Revenue is now issuing draft guidance material to help taxpayers comply with the new legislation. Our intention is that the information […]
Read More →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 →