tax changes tagged posts
March 13, 2012 New Zealand Taxation
New Zealand will strive to to ensure that the national tax system stays modern and efficient while providing adequate streams of revenues for the government.
While giving a speech at a conference of the Tax Agent’s Institute of New Zealand in Waitangi on March 9th, the Revenue Minister Peter Dunne summarized the government’s intentions for the national tax system and describe the actions that will be taken to improve the country’s economic performance over the next year.
According to the Minister, later in March the government will release its tax policy work programme for the next eighteen months, outlining a number of small changes to the tax system aimed at increasing the international competitiveness of New Zealand and raising the productivity in the national economy...Read More
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.