Monthly Archives May 2013

IRD Extends Discussion Deadline

May 28, 2013 New Zealand Taxation

IRD DiscussionThe IRD is still calling for New Zealanders to come forward with their views to proposed expansion to the info sharing powers of the Department.

On May 27th the Inland Revenue Department announced that it has extended the deadline to receive submissions from the public regarding the Targeting Serious Crime discussion paper.

The last day for submissions will now be June 4th, and not May 21st as originally scheduled.

Th discussion paper revolves around the question of whether the IRD and other government departments should be allowed to share a greater amount of financial information, including tax information, in an effort to help prevent the occurrence of serious crimes in the country.

The proposed changes to the information sharing rules would allow the IRD to provide taxpayers’ informat...

Read More

New Zealanders Don’t Want More Tax Guidance

May 23, 2013 New Zealand Taxation

Tax guidanceNew Zealand businesses claim that they are happy with the current tax system in New Zealand, with more than half claiming that they do not need any extra guidance from tax authorities.

In a press release issued on May 23rd the accounting firm Grant Thornton revealed the results of a recent survey which showed that less than half of all New Zealand businesses would like to be issued with more tax guidance from tax authorities in the country.

In comparison, the research conducted by Grant Thornton showed that worldwide an estimated 68 percent of businesses would like to be issued with mire tax guidance, compared to the 47 percent in New Zealand.

Comparatively, the results of the research showed that nearly 75 percent of businesses in the Eurozone would like to see more tax guidance, and 67 ...

Read More

Petrol Tax Hike on the Horizon

May 20, 2013 New Zealand Taxation

Cost of PetrolPetrol in New Zealand will soon be even more expensive following the passage of a new bill through parliament.

On May 19th parliament passed under urgency new legislation to hike petrol taxes by an extra 3 cents per litre each year over the next three years.

Following the implementation of the raised tax, petrol taxes will hit 59.5 cents per litre by the end of July in 2015.

The bill to raise the tax was passed with 67 votes in favour and 26 votes in opposition.

Prior to the vote the Minister of Transport Gerry Brownlee explained that any extra funds raised from the hiked rate will be used to pay for improvements in the national roading system, and he added that “we have a big programme in front of us that is going to see very significant time savings for a lot of people in the areas where...

Read More

IRD Obtains Offshore Data

May 14, 2013 International TaxationNew Zealand Taxation

offshoreThe IRD will soon have its hands on a fresh set of data concerning taxpayers who have actively sight to evade their taxes using companies registered offshore.

Over the weekend the Inland Revenue Department praised a decision made by the Australian Tax Office (ATO), the UK HM Revenue and Customs (HMRC), and the US Internal Revenue Service (IRS) to share leaked data regarding taxpayers using entities registered in tax havens in order to evade their tax obligations.

The group manager of compliance planning and development at the IRD Raju Budhia explained that the Department would soon begin working in close cooperation with the ATO in order to obtain information on any New Zealanders which have used offshore structures to evade their tax obligations in New Zealand.

The data jointly held by th...

Read More