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

19 April 2017

The Lead Minister for Edgecumbe and the Minister of Revenue announced today that Inland Revenue will waive use-of-money interest on late tax payments for taxpayers affected by the recent flooding. The Commissioner of Inland Revenue has also decided to cancel late filing and late payment penalties for affected taxpayers and will relax the rules for the income equalisation scheme for farmers and fishers. For more information see the Ministers' media statement.

11 April 2017

Special reports providing early information on new rules for NRWT and AIL, and for closely held companies are now available.

The new legislation is contained in the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017.

Complete coverage of the new Act will be published in the June edition of the Tax Information Bulletin.

6 April 2017

The Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Bill was introduced in Parliament today. The Bill proposes measures relating to the collection of employment and investment income information, reforms to the taxation of employee share schemes, adds five charities to the list of donee organisations in schedule 32, and includes numerous other policy and remedial changes to tax legislation.

For more information see the Minister’s media statement, the Bill and its commentary, and regulatory impact statements.

Also published today is a summary of submissions from the investment income information consultation undertaken in July 2016, and Cabinet papers relating to the Making Tax Simpler consultation, feedback and decisions.

31 March 2017

The recently enacted Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act contained changes to the GST treatment of services related to land. This special report provides early information about those changes. Full coverage of the new legislation will be published in the June edition of the Tax Information Bulletin [correction to the original news item which said the May edition].

29 March 2017

As part of implementing the Common Reporting Standard (CRS) for Automatic Exchange of Financial Account Information in Tax Matters (commonly referred to as AEOI), New Zealand is required to publish a list of jurisdictions that Inland Revenue will exchange CRS information with.

The start date for CRS obligations in New Zealand is 1 July 2017. In anticipation of that, Inland Revenue is planning to publish its initial list of reportable jurisdictions by the end of May. This list will be confirmed by an Order in Council.

The Government is interested in public views on any jurisdictions that should not be included on New Zealand’s list of reportable jurisdictions. For more information see Request for submissions – reportable jurisdictions. Please send submissions to policy.webmaster@ird.govt.nz by 14 April 2017.

Highlights

The Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Bill...

In her address to the EMA Payroll conference this year, the Minister of Revenue Judith Collins...

In her speech to the International Fiscal Association today, Revenue Minister Judith Collins...

The Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill introduced in...

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