Tax Bill introduced

The Minister of Revenue introduced the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Bill into Parliament today.

The Bill contains a range of proposed improvements and maintenance measures to ensure the smooth functioning of the tax system, including proposals to:

• set the annual income tax rates for the 2022–23 tax year
• implement the OECD’s information reporting and exchange framework for activities being facilitated by digital platforms in the sharing and gig economy
• collect GST on accommodation and transportation services provided through electronic marketplaces
• subject services supplied by managers and investment managers to managed funds and retirement schemes to 15% GST
• reform the GST apportionment and adjustment rules
• clarify the GST treatment of legislative charges
• modernise and clarify the rules for employers and payers in relation to cross-border workers
• ensure New Zealand companies affected by recent changes to Australia’s corporate residency tax rules have uninterrupted access to New Zealand’s loss grouping, consolidation and imputation credit regimes
• address integrity issues with the application of the domestic dividend exemption and corporate migration rules to dual resident companies
• introduce a fringe benefit tax exemption for public transport, and
• introduce an exemption from the interest limitation rules for build-to-rent assets.

For more information, see the Bill, the Bill commentary, the departmental disclosure statement, and the regulatory impact assessments.