Tax Policy Program Announced
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.