Monthly Archives September 2013
September 27, 2013 New Zealand Taxation
The Green party is calling foul over New Zealand Super’s use of “tax havens”, but the Fund has hit back on the claims.
In a press release issued on September 26th the New Zealand Green Party claimed that the New Zealand Superannuation Fund has been “…caught using tax havens.”
The Green Party’s claims stem from the answers to parliamentary questions from the co-leader of the party, Russel Norman, to the Minister of Finance Bill English, in which the Minister cofirmed that approximately 7 percent of the investment made by the Fund are put into collective investment vehicles currently registered in low-tax jurisdictions, such as the Cayman Islands, the Isle of Mann, the British Virgin Islands, and Mauritious.
Russel Norman accused the government of upholding a double standard, saying...Read More
September 20, 2013 New Zealand Taxation
The PAYE system is due for modernization and an extensive overhaul.
In a speech given on September 19th the Minister of Revenue Todd McClay stated that the PAYE system would be the first element of the IRD’s current infrastructure to be upgraded as part of an ongoing initiative to modernize the tax authorities infrastructure.
He explained that the IRD’s upgrade will aim to streamline the process complying with the necessary PAYE requirements, and the improvement will make it easy for employers to share all necessary tax and wage information.
Explainign why the IRD chose to improve the PAYE system first, Todd McClay said that, in its current form, the PAYE system is “…is labor-intensive, often requiring double-handling and repeat contacts from IRD, thus making it a significant burden on emp...Read More
September 5, 2013 New Zealand Taxation
The IRD now has new powers to track down defaulter who leave New Zealand.
On September 4th the IRD and the Department of Internal Affairs announced a new information sharing agreement aimed at helping catch out individuals who skip out on their student loan obligations and child support payments.
The new agreement will allow the Department of Internal Affairs share current contact details for individuals who lodge an application to renew or receive a passport, if they are also skipping out on loan repayments or child support.
The Internal Affairs Minister Chris Tremain explained the benefit of the system, saying that “…this is a good example of government agencies working together to provide better public services and ensure that everyone meets their obligations.”Read More
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