New Zealand: Business tax legislation update

New Zealand: Business tax legislation update

The Finance and Expenditure Select Committee has reported back a tax bill (August 2016) with certain changes.

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The bill (Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill) as reported back, provides for:   

  • Foreign trust disclosure requirements: Safeguards for information sharing with other countries, a process for exchanging information with the Overseas Investment Office, and simplifying the requirements for trustees that are not in the business of providing trustee services
  • Automatic exchange of information (AEOI) rules: Capping penalties, extending penalty defences, and clarifying the use of information by Inland Revenue
  • Business tax: Allowing estimation taxpayers to apply the “use of money interest” safe harbour but removing the ability of close-companies to make provisional tax payments for shareholder-employees pending further simplification
  • Regulation-making authority: Limiting the regulatory authority scope to resolving administrative issues from Inland Revenue’s Business Transformation and only when necessary and with consultation

 

Read a November 2016 report [PDF 594 KB] prepared by the KPMG member firm in New Zealand: Business Tax Bill reported back

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