Inland Revenue - Tax policy Tax Policy

News and information about the Government's tax policy work programme, including:
- proposed changes to the laws that Inland Revenue is responsible for
- updates on the progress of bills through Parliament
- policy announcements

Tax policy news

28 November 2016

As part of the global fight against base erosion and profit shifting, the OECD in conjunction with around 100 jurisdictions including New Zealand has developed a multilateral instrument that will amend double tax agreements between nations around the world. The OECD has now released the text of that instrument and the Government expects to sign it in 2017. Officials intend to consult on implementation of the multilateral instrument in the coming months. For more information see the media statements from the Minister of Revenue and OECD.

28 November 2016

The Finance and Expenditure Committee has reported to Parliament on the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill, introduced in August 2016. For more information see the bill as reported back and the officials’ report on submissions received on the bill.

25 November 2016

The Finance and Expenditure Committee has reported to Parliament on the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Bill, introduced in May 2016. For more information see the bill as reported back and the officials’ report on submissions received on the bill.

22 November 2016

The Minister of Revenue welcomed tax measures for people and businesses affected by the earthquakes in Kaikoura and surrounding areas. These include waiving use-of-money interest, cancelling late filing penalities and late payment penalities, and discretions on income equalisation for farmers and fishers.

For more information see the Minister’s media statement and www.ird.govt.nz.

21 November 2016

The Common Reporting Standard for Automatic Exchange of Financial Information allows implementing jurisdictions to expand on the list of automatically excluded entities and accounts to also include “low risk” excluded entities and accounts. This means these entities would be excluded from due diligence and reporting obligations. To be considered a “low risk” entity or account, the financial institution first needs to meet the criteria set out in a fact sheet published today.

Submissions are welcome from financial institutions who meet these criteria and wish to be included in a list of excluded entities. Please send submissions to policy.webmaster@ird.govt.nz by 31 January 2017.

Highlights

The Minister of Revenue Michael Woodhouse spoke at the Chartered Accountants Australia and New...

The Government has today released early information on proposals to make the administration of...

The Government has released its response to the recommendations from the...

Last night the OECD released the finalised action plan for countering...