Date posted: 12/12/2017 3 min read

New Zealand Tax Update - December 2017

Recent developments in New Zealand tax

In brief

  • Base Erosion and Profit Shifting Bill introduced
  • Tax working group announced
  • Review of Trust Law

Base Erosion and Profit Shifting Bill introduced

The Minister of Revenue, Hon Stuart Nash, has introduced the Taxation (Neutralising Base Erosion and Profit Shifting) Bill.

The bill introduces changes to the rules on interest limitation, transfer pricing, permanent establishments and hybrid and branch structures. 

Bill and Commentary

Copies of the bill and commentary are available from the Inland Revenue website

Visit here

Tax Working Group

The Ministers of Finance and Revenue recently announced the terms of reference for the Tax Working Group.  Sir Michael Cullen has been appointed as Chair.

The working group have been directed to report on whether the tax system operates fairly and promotes balance between a productive and speculative economy; and whether there are changes that would make the system fairer and support the integrity of the tax system.

The group is expected to report back in February 2019 and it is expected the members of the group will be announced before Christmas.

Trusts Bill reinstated

The bill was recently referred to the Justice Committee. Its purpose is to make trust law accessible and to simplify trust principles and obligations of trustees. Would you like to read a copy of the bill?

Click here

Trusts Bill submissions

Submissions close Monday 5 March, 2018 so click on the link below to make yours.

Click here

CRS

Inland Revenue are seeking feedback on their preliminary view of ‘When Corporate Trustees will be NZFIs for CRS Purposes’ in response to queries regarding the application of the CRS to corporate trustees operating within a professional group. Your feedback can be sent via email, just click on the link below.

Email here

Want to read the document?

Click below to access a copy of the document.

Read here

What’s on in 2018?

Keep an eye out early in the New Year for the dates and details of our NZ Tax Update Roadshow. Our Tax Team will be in over twenty towns and cities around New Zealand to keep you up-to-date on the latest developments and cases in NZ Taxation.

 

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