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

18 October 2018

In his speech today at the Chartered Accountants Australia New Zealand tax conference, the Minister of Revenue announced proposed new rules for GST on low-value imported goods.

The proposed changes would require offshore suppliers to register, collect, and return New Zealand GST on goods valued at or below $1,000 that are supplied to consumers in New Zealand. A bill amending the GST Act will be introduced this year, with the changes expected to come into effect from 1 October 2019.

For more information see the Minister’s media statement, a fact sheet, and questions and answers.

17 October 2018

A Supplementary Order Paper released yesterday proposes changes to the tax treatment of bloodstock for inclusion in the Taxation (Annual Rates for 2018-19, Modernising Tax Administration, and Remedial Matters) Bill, introduced into Parliament on 28 June 2018 and currently at the select committee stage.

For more information see the Minister for Racing’s media statement, Supplementary Order Paper No. 135, the updated Bill disclosure statement, and the regulatory impact assessment.

3 October 2018

The Government announced its R&D tax incentive package this morning.

Key features include:

- a credit rate of 15%;
- a $120 million cap on eligible expenditure;
- a minimum R&D spending threshold of $50,000 per year; and
- a limited form of refund in its first year that mirrors Inland Revenue’s tax-loss cash out scheme (to be replaced by a more comprehensive approach in the scheme’s second year).

A Bill is planned for introduction into Parliament later this month or in early November.

For more information see the Ministers’ media statement and the Ministry of Business, Innovation & Employment’s website.

26 September 2018

An existing information sharing agreement between Inland Revenue and the New Zealand Police enables Inland Revenue to provide information, under certain criteria, to the New Zealand Police to help detect, prevent and prosecute serious crime.

The Government is seeking feedback on proposals to extend this agreement to include the Serious Fraud Office and the New Zealand Customs Service. Submissions close on 30 October 2018.

For more information see the Ministers’ media statement, questions and answers, and the discussion document (including the draft agreement and a summary).

5 September 2018

Documents prepared as part of the advice provided to Ministers on the introduction of a research and development tax credit are now available. Other related documents are also available on the Ministry of Business, Innovation & Employment and Treasury websites.

Tax Working Group

For the terms of reference, news, interim report, and other information see the Tax Working Group's website.

Highlights

Finance Minister Grant Robertson’s 2018 Budget contains the following tax-related...