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

23 March 2017

The Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Bill passed its third reading in Parliament today. The Bill contains measures to improve, strengthen and update the rules for closely held companies, non-resident withholding tax and the approved issuer levy, and the GST rules. It also proposes a large number of technical changes to ensure the tax rules work as intended. The Bill now awaits Royal assent. For more information see the media statement.

Special reports on changes to the NRWT rules, closely held companies, and GST services connected with land, will be published here soon, while full coverage of the new legislation will be published in an upcoming Tax Information Bulletin.

16 March 2017

The Minister of Revenue today welcomed the decision by Inland Revenue to provide support for flood-hit farmers by relaxing the rules for the income equalisation scheme. See the Minister’s media statement for more information.

9 March 2017

In her address to the EMA Payroll conference this year, the Minister of Revenue Judith Collins discussed in detail how the feedback from consultation contributed to the proposed improvements to the PAYE process. These improvements are included in a tax bill planned for introduction into Parliament in the near future. For more information see the Minister’s speech.

3 March 2017

In her speech to the International Fiscal Association today, Revenue Minister Judith Collins discussed the objectives and proposals of three consultation documents released today, which address the issue of base erosion and profit shifting.

–  BEPS – Transfer pricing and permanent establishment avoidance

–  BEPS – Strengthening our interest limitation rules

–  New Zealand’s implementation of the multilateral convention to implement tax treaty related measures to prevent BEPS

For more information see the Minister’s media statement and speech.

28 February 2017

Legislation introduced on 8 August 2016 in the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill received Royal assent last week. The new Act is now available on the New Zealand Legislation website.

Special reports providing early information are now available on:

- measures to implement the G20/OECD standard for the automatic exchange of information, and

- a suite of simplified business tax processes, including a new way for businesses to pay their provisional tax.

A special report on foreign trust disclosure rules will also be published soon.

Full coverage of the new Act will be published in the Tax Information Bulletin.


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