New Zealand: Inland Revenue focus on tax governance | KPMG | GLOBAL

New Zealand: Inland Revenue focus on tax governance

New Zealand: Inland Revenue focus on tax governance

The Inland Revenue Department formally launched its 2015/16 Multinational Enterprises Compliance Focus guide.

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This latest version updates the 2013/14 document, and provides insights into Inland Revenue’s monitoring of all New Zealand businesses. This includes the Commissioner’s view of:   

  • Tax governance and control structures
  • Compliance with international tax regimes, including transfer pricing, cross-border financing, and controlled foreign company (CFC) rules
  • Responses to base erosion and profit shifting (BEPS) developments, both in New Zealand and internationally

The focus on tax governance includes an expectation that boards take greater ownership of, and responsibility for, setting the tax strategy and direction, and this includes having a satisfactory tax control framework and endorsing a set of overarching principles around tax. The guide sets out minimum expectations of boards. Boards without a documented tax strategy and tax risk control framework can be expected to be asked why (with greater scrutiny as a result).

 

Read a November 2016 report [PDF 649 KB] prepared by the KPMG member firm in New Zealand: Tax governance high on IRD’s agenda

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