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

14 July 2016

This special report provides early information on measures included in the Taxation (Transformation: First Phase Simplification and Other Measures) Bill, enacted on 2 June 2016, aimed at simplifying the collection of income tax on employee share scheme benefits. Complete coverage of the new Act will be published in the August edition of the Tax Information Bulletin.

13 July 2016

The Government has released its response to the recommendations from the Government Inquiry into Foreign Trust Disclosure Rules.

For more information see:

- the media statement from Ministers English and Woodhouse announcing the Government’s decisions; and
- a summary of all the Inquiry’s recommendations and the Government's response.

7 July 2016

The Minister of Revenue today released a public consultation document, Making Tax Simpler - Investment income information. The discussion document sets out proposed changes to the way that investment income information is provided to Inland Revenue by organisations such as banks, companies that pay dividends, Māori authorities, and portfolio investment entities. For more information see the discussion document, the online forum, and the Minister's media statement.

27 June 2016

Ministers English and Woodhouse today released the report from tax expert John Shewan following the Government Inquiry into New Zealand’s foreign trust disclosure rules.

The Ministers also released a Cabinet paper that sets out New Zealand’s response to the issue of base erosion and profit shifting (BEPS). The Cabinet paper explains BEPS and outlines New Zealand’s response to date as well as planned work. This was welcomed by Ministers English and Woodhouse in a media statement today.

For more information see:

Government inquiry into foreign trust disclosure rules
The independent review by John Shewan of New Zealand’s disclosure rules for foreign trusts.

Base erosion and profit shifting (BEPS) – update on the New Zealand work programme
This report to Cabinet provides context for the BEPS issue and describes the work that has taken place so far at the OECD and within New Zealand. It also outlines New Zealand’s proposed BEPS policy work for the next 12 months.

New Zealand’s plan to ensure multinationals pay their fair share of tax
A summary of the work undertaken to date to address BEPS, as well as an outline of planned work.

New Zealand’s taxation framework for inbound investment
This draft document describes New Zealand’s approach to taxing foreign investment income. It is being used as the basis for targeted consultation with private sector representatives, but is being released more widely to facilitate a wide understanding of the trade-offs the Government faces in responding to BEPS. A final version of this paper will be released in the next few months together with consultation documents for public feedback on measures to address BEPS.

13 June 2016

This special report provides early information on the new residential land withholding tax introduced in the Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Act 2016, enacted on 13 May.  Complete coverage of the new Act will be published in the July edition of the Tax Information Bulletin.

Highlights

The Prime Minister announced a business tax package today, which includes proposals to simplify...

The recently enacted...

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

Two new acts, the Land Transfer Amendment Act 2015 and the Tax Administration Amendment Act 2015...