Inland Revenue Department. Peter Dunne tagged posts
November 6, 2009 New Zealand Taxation
The Government has released a discussion paper about proposed changes in GST processing in high-value asset transactions.
With the aim of decreasing the government’s revenue loss in GST, Peter Dunne, New Zealand Revenue Minister, announced the release of “GST: Accounting for land and other high-value assets,” on November 5th. He explained the government’s current GST revenue loss situation, saying “The proposal targets sellers and buyers in transactions involving high-value assets. In these transactions GST revenue can be lost by the government from a small minority of taxpayers deliberately using differing GST accounting treatments or winding up a vendor company so that no GST is paid.”
According the statement, the government experiences an approximated NZ$50 million in lost GST rev...Read More