IRD Tax News

18 Jan 2018
Drought relief for affected farmers  

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 information see the Minister’s media statement.

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20 Dec 2017
Tax Working Group members announced  

Today, the Minister of Finance and Minister of Revenue announced the members to join Sir Michael Cullen on the Tax Working Group. For more information see the Ministers’ media statement.

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20 Dec 2017
Briefing for the Incoming Minister  

Inland Revenue’s Briefing for the Incoming Minister was published on 7 December. Also now available is a supporting document, The New Zealand tax system and how it compares internationally.

15 Dec 2017
Families Package Bill passed  

Parliament passed the Families Package (Income Tax and Benefits) Bill on Friday evening. The Bill contains measures that support the Government’s aim of providing more targeted assistance to low and middle income families with children. The Bill now awaits Royal assent.

14 Dec 2017
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.

The measures include:

– repealing the tax cuts and changes to Working for Families tax credits announced in Budget 2017;

– increasing the Family Tax Credit and raising the abatement threshold;

– introducing a Best Start payment of up to $60 per week per child to help families with costs in a child’s early years;

– introducing a Winter Energy Payment to help superannuitants and beneficiaries heat their homes over the coldest months;

– reinstating the Independent Earners’ Tax Credit; and

– implementing the Accommodation Supplement and Accommodation Benefit increases announced in Budget 2017.

This Bill follows the recently enacted extension to paid parental leave of 26 weeks by 2020.

For more information see the summary of the Families Package (Treasury's website), the fact sheet for the Families Package (the Beehive website), the Bill, and the regulatory impact assessment (PDF 292 KB) (Treasury's website).

[Updated with direct links to the Families Package information at 5:55pm.]

06 Dec 2017
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 rates on loans from related parties to shift profits out of New Zealand;

– hybrid mismatch arrangements that exploit differences between countries’ tax rules to achieve an advantageous tax position;

– artificial arrangements to avoid having a taxable presence in New Zealand; and

– related-party transactions to shift profits into offshore group members in a manner that does not reflect the actual economic activities undertaken in New Zealand and offshore.

For more information see the Minister of Revenue's media statement [added 7 December 2017], the bill, commentary on the bill and regulatory impact assessments.

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23 Nov 2017
Terms of Reference for Tax Working Group chair announced  

The Ministers of Finance and Revenue today released the Terms of Reference and named Sir Michael Cullen as Chair of the Government’s Tax Working Group. For more information see the Ministers’ media statement.

17 Nov 2017
Address to CA ANZ tax conference  

In his opening address to the Chartered Accountants Australia and New Zealand tax conference yesterday, Revenue Minister Stuart Nash outlined the Government's 100 day priorities for the tax system. He also discussed some of the challenges facing the tax system in the future. For more information, see the Minister's speech.

10 Nov 2017
Reinstatement of Bill  

On Wednesday 8 November 2017 Parliament reinstated the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Bill. The Finance and Expenditure Committee will now continue its consideration of the Bill. The Bill, introduced on 6 April 2017, contains measures relating to collecting employment and investment income information, reforms to the taxation of employee share schemes and sets the annual tax rates for 2017–18.

The Income-Sharing Tax Credit Bill introduced in August 2010 was not reinstated.

 

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