Monthly Archives March 2009
March 31, 2009 New Zealand Taxation
New Zealand and Bermuda are set to sign a Taxation Information Exchange Agreement (TIEA) on the 16h of April.
The TIEA will be New Zealand’s second agreement of such a nature, following the first which is Netherlands Antilles. According to Revenue Minister Peter Dunne others are already under negotiation. This is on top of New Zealand’s 35 Double Taxation Agreements. The TIEA will be signed at the New Zealand Embassy in Washington DC.
According to Mr. Dunne, the TIEA will make it easier for the partner countries to access information about someone residing in either country, for taxation purposes. This will also aid in the process of discovering any assets that have not been disclosed to governments on either side.Read More
March 26, 2009 New Zealand Taxation
The tax relief package introduced by Parliament on the 10th of February has passed through its final stages of Parliament approval and requires only Royal assent.
The business tax relief package which was introduced by the National led Government and aimed at bringing tax relief to the small and medium enterprises (SME) of New Zealand, has been passed through parliament. According to Revenue Minister Peter Dunne, the 96% of New Zealand businesses which are SMEs will find this package useful in weathering the current economic downturn and also in easing up some cash flow problems that they might be experiencing.
If the package receives Royal assent from the Governor General, it will include changes like the removal of the 5% increase in Provisional Tax estimates, along with changes to some...Read More
March 25, 2009 New Zealand Taxation
Peter Dunne is advising that the government delay the series of tax reforms that it is set on implementing on the 1st of April.
Revenue Minister Peter Dunne has voiced his concern in regards to the Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill, introduced last July. According to him, there are numerous business owners and their tax advisors that are not necessarily ready or fully comprehend the changes that are set to occur on the 1st of April.
Peter Dunne has proposed the following changes. Reform of international taxation will proceed as planned except for those with balance dates before the 30th of June. Proposed changes to life insurance and PIE schemes are to be deferred to a date set by consultation with industry representatives...Read More
March 24, 2009 New Zealand Taxation
The New Zealand Government has released statements in regards to a tax policy work program which aims to alter New Zealand taxation matters with the aim of raising New Zealand’s status in the world’s economy.
There are a number of changes proposed in the taxation review, the most obvious of these is the previously mentioned 30/30/30 rule. This would see personal, company and trustee tax aligned to the maximum rate of 30%. Double taxation agreements are also on the plan, with updating some double taxation agreements and aiming to create new ones being the main goal. Imputation credits are set to be reviewed also.
The complete list of changes can be viewed at the Inland Revenue Department’s tax policy website, here.Read More