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

15 February 2017

The Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill introduced in August 2016 was passed by Parliament yesterday and now awaits Royal assent.

Special reports on key aspects of the new legislation: provisional tax changes and simplification for businesses, enabling legislation for New Zealand’s participation in the automatic exchange of financial information and changes to tighten New Zealand’s disclosure requirements for foreign trusts will be published here soon to give early information to interested parties. Full coverage of the new Act will be published in the Tax Information Bulletin.

For more information see the Minister of Revenue’s media statement.

8 February 2017

Inland Revenue has provided details of drought relief measures for farmers in the Northland region.

3 February 2017

The Minister of Revenue welcomed the decision by Inland Revenue to provide support for Northland farmers through the income equalisation scheme. See the Minister’s media statement for more information.

21 December 2016

From July 2017 financial institutions will need to begin meeting obligations under the OECD’s Common Reporting Standard for the Automatic Exchange of Financial Account Information in Tax Matters.

Legislation enabling the implementation of this international initiative in New Zealand is expected to be passed by March 2017. In anticipation of this, Inland Revenue has developed advanced draft guidance to help financial institutions prepare for their obligations as early as possible. “Financial institutions” for the purposes of this initiative has a wide meaning, including some fund managers, investment advisers, insurance companies, and trusts as well as banks. The draft guidance outlines how these various entities are affected and their responsibilities under the Common Reporting Standard.

The draft guidance also sets out the obligations that account holders (and other persons connected with accounts) will have to provide information to such financial institutions to assist those institutions comply with their responsibilities under the Common Reporting Standard.

Feedback on this draft guidance is welcomed. Following enactment of enabling legislation, a finalised guidance document will be prepared which will take into account submissions on this draft. Please send feedback and any queries by February 28th 2017 to global.aeoi@ird.govt.nz.

15 December 2016

An Order in Council made yesterday will make it compulsory for GST refunds to be direct credited from February 2017. For more information see the Minister of Revenue’s media statement.

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...