2011 tagged posts
February 1, 2012 New Zealand Taxation
Throughout 2011 New Zealand saw several significant changes to the tax system, including the introduction of the new types of entities, reducing corporate tax rates, closing of loopholes in tax regulation, modernisation of filing systems, and further alterations aimed at improving the overall efficiency and sustainability of the tax system. To summarise the recent tax changes, Abaconda Managment Group has released a new overview of the major tax changes that were carried out in New Zealand over the 2011 calendar year.
Use of Money Deductibility
On December 5, 2011 the New Zealand Inland Revenue Department (IRD) issued a statement clarifying the tax treatment of Use-of-Money Interest, confirming that the payment would now be regarded as an expense and will be deductible for tax purposes.