IRD Tax News

23 Aug 2017
New information sharing agreement between IRD and MSD  

A new information sharing agreement between Inland Revenue and the Ministry of Social Development signed in July will come into effect later this month. The new agreement brings together current information sharing arrangements into one agreement, and enables sharing of information for targeted housing assistance and verifying income for student allowance entitlements. For more information see the Order in Council, the text of the agreement and the regulatory impact statement.

15 Aug 2017
Report on review of tax secrecy provision tabled  

An Inland Revenue report into targeted consultation on section 81BA of the Tax Administration Act 1994, which is one of the information sharing provisions, was tabled in Parliament today. The review is a requirement built into legislation. As part of the review, opinions were canvassed on the operation of section 81BA; its impacts and whether the section should be removed or whether any amendments to the section were required. The report discusses the findings and recommends retaining the section pending a wider review of the Tax Administration Act.

09 Aug 2017
Feedback sought on options to trim employer PAYE costs  

Revenue Minister Judith Collins has today welcomed the release of a tax officials’ issues paper, which presents options on how PAYE errors may be corrected and adjustments made, in the context of more frequent filing of PAYE information. The issues paper follows more frequent filing of PAYE information proposed in the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Bill, which is currently before Parliament.

For more information see the media statement, and the issues paper, PAYE error correction and adjustment. Submissions close on 15 September.

read more

08 Aug 2017
NZ to strengthen tax agreements with India, San Marino  

Two Orders in Council signed yesterday, to give effect to agreements with India, and San Marino, will help pave the way for greater sharing of information to prevent tax evasion. For more information see the media statement.

read more

03 Aug 2017
Govt announces BEPS decisions  

Finance Minister Steven Joyce and Revenue Minister Judith Collins have today announced the Government’s final decisions on proposals to tackle base erosion and profit shifting. For more information see the media statement and background documents.

read more

17 Jul 2017
Proposals to improve social policy  

The Government has released proposals for making social policy processes administered by Inland Revenue simpler and more certain by basing payments on better information.

For more information see the Ministers' media statement, the discussion document Making tax simpler - Better administration of social policy and the online forum. Consultation closes on Friday 15 September 2017.

read more

28 Jun 2017
New Zealand-Hong Kong tax treaty updated  

A new tax protocol between New Zealand and Hong Kong was signed today, which updates the current double tax agreement between the two jurisdictions to allow full exchange of tax information. For more information see the media statement and the text of the new Protocol.

read more

22 Jun 2017
Tax debt threshold set for information sharing with credit reporting agencies  

The threshold over which information about businesses with an unpaid tax debt may be reported to an approved credit reporting agency has been set by Order in Council at $150,000. For more information see the media statement.

read more

19 Jun 2017
Proposals to make tax simpler for individuals  

The Government is seeking feedback on proposals that would reduce the number of people who have to provide information to Inland Revenue, and give many people their tax refunds or tax bills automatically.

The package of proposals would make tax simpler and more certain for more than three million people who receive income only from salary, wages, interest or dividends.

For more information see the Ministers' media statement, the discussion document Making tax simpler - Better administration of individuals’ income tax and the online forum. Consultation closes on Friday 28 July 2017.

read more

 

About Us

We are a full service Chartered Accountancy firm based in Mt. Eden, Auckland, New Zealand.  We provide full tax accounting, management accounting, trust accounting services.

Member, Institute of Chartered Accountants