The Minister of Revenue Todd McClay’s speech to the BDO National Tax Conference today covered two major challenges facing the New Zealand tax system: the rise of base erosion and profit shifting and the changing expectations for customer service. In discussing these, he also spoke about features of New Zealand’s tax policy development which help to provide certainty for taxpayers. For more information, please see the full speech.
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Revenue Minister Todd McClay welcomed the IRD’s move to provide tax relief to flood-hit farmers in Northland by relaxing the income equalisation scheme rules. For more information, see the Minister’s media statement.
The Minister of Revenue announced today that the Government intends to introduce legislation to change the current tax pooling rules. The proposed changes will allow taxpayers to use pooling funds to pay interest on their tax obligations arising out of an amended tax assessment or the resolution of a dispute. For more information see the Minister’s media statement.
Legislation introduced on 22 November 2013 in the Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Bill received Royal assent on 30 June 2014. A special report on the new rules that deal with the taxation of employer-provided accommodation, accommodation payments, and other allowances and payments made by employers to cover employee expenditure is provided here in advance of full coverage of the new legislation in the August edition of the Tax Information Bulletin. The new Act can be viewed at New Zealand Legislation.
The deemed rate of return for taxing foreign investment fund interests has been set at 7.99% for the 2013-14 income year. For more information see the media statement.
The Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Bill introduced in November 2013 was passed by Parliament this afternoon and now awaits Royal assent. For more information see the Minister of Revenue’s media statement. A special report on changes to the tax treatment of employer-provided accommodation and allowances will be published here soon to give early information to interested parties. Full coverage of the new Act will be published in the August edition of the Tax Information Bulletin.
In opening the Tax Administration for the 21st Century Conference in Wellington today, the Minister of Revenue, Todd McClay discussed some of the influencing factors behind Inland Revenue’s business transformation and its objectives. For more information, see the full speech.
The Minister of Revenue and the US Chargé d’Affaires signed an intergovernmental agreement today which will help minimise compliance costs to NZ financial institutions meeting US requirements for sharing information. For more information, please see the Minister of Revenue’s media statement.
