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

1 April 2015

Use-of-money interest rates on underpaid and overpaid tax will rise on 8 May 2015. The interest rate charged by Inland Revenue on underpaid tax will rise from 8.40% to 9.21%, and the rate for overpaid tax will rise from 1.75% to 2.63%. The rates are reviewed regularly to ensure they are aligned to market interest rates and were last updated in May 2012. The new rates were approved by Order in Council on Monday 30 March.

1 April 2015

An officials’ issues paper released today seeks feedback on options to simplify the way tax is collected on employee share schemes. For more information see the issues paper, Simplifying the collection of tax on employee share schemes, and the media statement.

31 March 2015

Legislation introduced in the Taxation (KiwiSaver HomeStart and Remedial Matters) Bill on 1 December 2014 received Royal assent today. A commentary on the new legislation will be published in the June edition of the Tax Information Bulletin. The resulting Act can be viewed at New Zealand Legislation.

31 March 2015

At a breakfast hosted today by the Wellington Employers’ Chamber of Commerce, Revenue Minister Todd McClay officially launched the Government’s public consultation on options for simplifying and modernising New Zealand’s tax administration.

The Government is consulting on two matters:

- Making tax simpler - A Government green paper on tax administration which outlines the overall direction of the tax administration modernisation programme. Consultation closes on 29 May 2015.

- Making tax simpler - Better digital services outlines proposals for greater use of electronic and online processes. Consultation closes on 15 May 2015.

An online forum is available for comment on these topics.

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

26 March 2015

The Taxation (KiwiSaver HomeStart and Remedial Matters) Bill passed its third reading today and now awaits Royal assent. For more information see the media statement.

Highlights

At a breakfast hosted today by the Wellington Employers’ Chamber of Commerce, Revenue...

At the International Fiscal Association conference today, the Minister of Revenue announced the...

The Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters)...

An officials’ issues paper released today seeks feedback on proposed changes to make the...