GST Advisory Panel Launched

June 21, 2010 New Zealand Taxation

United Future AnnouncementThe New Zealand Government has launched a Goods and Service Tax (GST) advisory panel, to help businesses transition to an increased tax rate on October 1st.

On June 21st the New Zealand Inland Revenue Department (IRD) announced the launch of the GST Advisory Panel. According to Peter Dunne, New Zealand Revenue Minister, the panel was created to aid the GST-rate transition for the generation of businesses who have not have not yet faced a sales tax increase.

Peter Dunne explained that the Advisory Panel will act as an intermediary for the IRD and the national business community. The Panel will communicate in both directions by attempting to clarify ambiguities for the business community, while possibly suggesting legislative amendments to the IRD. The Panel will field queries via an online submission or telephones communication.

The GST Advisory Panel consist of five primary members, consisting of: the Chairman Frank Owen, a retired chartered accountant and ex-chairman of KPMG New Zealand; David McLay, a practising tax barrister; Craig Macalister, Tax Director of the New Zealand Institute of Chartered Accountants; Phil O’Reilly, Chief Executive of Business New Zealand; Karen Bradford, Director of the New Zealand Retailers’ Association.

The Panel has already held one meeting in which pre-emptive answers were discussed for expected business sector inquiries. The implementation of GST on services rendered throughout the implementation of the GST rate increase was discussed in particular.

Photo by nznationalparty