In an effort to create a “world-class” tax system, the Government is seeking public feedback on concerns taxpayers currently have with older legislations. The New Zealand Rewrite Advisory Panel (RAP) requires public comment legislations surrounding the taxation of beneficiary income of trusts and the issue of Available Subscribed Capital on corporate reorganizations. The request was raised by Peter Dunne, Revenue Minister of New Zealand, late last week. The two issues are the initial cases that will be investigated by the RAP its new ... Read More

Nearly 30 000 New Zealand companies have had to make arrangements with the Inland Revenue Department, claiming that the recession has affected their ability to meet their tax obligations. Throughout the previous financial year, the Inland Revenue Department (IRD) and 29 520 New Zealand businesses have made installment-payment agreements for NZD 546 million worth of unpaid taxes. A similar negative effect on tax payments is expected to continue throughout the current fiscal year, according to the IRD’s latest annual Compliance Focus report, released ... Read More

The New Zealand Government is proposing a series of extensive transformation to the tax filing administration process, promising to deliver greater information ability, ease of filing, along with lowered incidence of processing error and calculation mistakes. The Government and the Inland Revenue Department (IRD) are urging New Zealand taxpayers to give comment on planned changes to tax administration. On June 15th the Making Tax Easier proposal was introduced, along with a public consultation period lasting until July 23rd. For individual taxpayers, the IRD has ... Read More