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

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.

1 June 2016

The Taxation (Transformation: First Phase Simplification and Other Measures) Bill, which was introduced on 30 June 2015, passed its third reading last night and now awaits Royal assent. For more information see the media statement.

26 May 2016

Tax-related Budget initiatives announced today by the Government focus on the transformation of tax administration. This includes proposals aimed at simplifying processes for business tax (launched in April) and new funding allocated to Inland Revenue for implementing the transformation of tax administration. For more information see the Budget 2016 announcements.

18 May 2016

The Minister of Revenue today announced that New Zealand had joined an OECD initiative which would allow all participating tax jurisdictions to exchange information on the economic activity of large multinational companies in each country.

For more information see the media statement.

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...