New Zealand: Treasury reaffirms support for capital gains tax to strengthen tax system
The New Zealand Treasury has reaffirmed its support for introducing a capital gains tax as part of efforts to improve the country’s tax system. This advice, made public on 5 December 2024, follows an Official Information Act request by Radio New
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New Zealand: MBIE announces new e-invoicing rules to improve payment times for domestic trade invoices
The New Zealand Ministry of Business, Innovation & Employment (MBIE) introduced new rules to improve payment times for domestic trade invoices and promote e-invoicing on 18 November 2024. Under these Government Procurement Rules, e-invoices
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New Zealand: Inland Revenue clarifies transitional residency, crypto asset sales
New Zealand’s Inland Revenue issued a ruling TDS 24/22 addressing the transitional residency status of a taxpayer and the tax treatment of their crypto asset sales on 3 December 2024. The Taxpayer was a natural person who had previously been a
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New Zealand, Slovenia sign income tax treaty
New Zealand and Slovenia have signed an income tax treaty on 3 December 2024. A tax treaty is a bilateral agreement between two countries designed to address issues related to the double taxation of both passive and active income of their
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Singapore, New Zealand sign Competent Authority Arrangement on arbitration under BEPS MLI
The Inland Revenue Authority of Singapore has announced the signing of a Competent Authority Arrangement with New Zealand regarding arbitration under the BEPS MLI on 29 November 2024. On 18 and 21 November 2024, the competent authorities of the
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New Zealand introduces tax policy work programmeÂ
New Zealand’s Minister of Revenue has introduced a tax policy work programme on 13 November 2024, which aims to simplify tax and reduce compliance costs, address integrity risks, and improve fiscal sustainability to rebuild the economy. The
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New Zealand: Inland Revenue opens public consultation on draft Tax residence interpretation statement
New Zealand Inland Revenue has initiated a public consultation on a draft Interpretation Statement (IS) regarding Tax Residence, which clarifies the tax residence rules under the Income Tax Act 2007 for individuals, companies, and trusts. The
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New Zealand concludes trade agreement with the Gulf Cooperation Council
New Zealand and the six-nation Gulf Cooperation Council (GCC) have concluded negotiations on a trade agreement that will open up significant opportunities for New Zealand exporters in the Gulf region, Minister for Trade and Agriculture Todd McClay,
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New Zealand: Government seeks public feedback on proposed inland revenue-MBIE information sharing agreement
The Government of New Zealand has released a consultation paper, seeking public feedback on a proposed approved information sharing agreement (AISA) between Inland Revenue and the Ministry of Business, Innovation and Employment (MBIE). The AISA
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New Zealand consults use of cost method for calculating foreign investment fund income
New Zealand Inland Revenue has initiated a public consultation the draft interpretation statement, PUB00458 Income Tax – Using the Cost Method to Determine Foreign Investment Fund (FIF) Income, explaining when a resident investor can choose to
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New Zealand issues draft guidance on loss carry forward rules
The New Zealand Inland Revenue has issued draft guidance interpreting the loss carry forward rules established in 2020, known as the business continuity test (BCT). This new draft aims to clarify anti-avoidance provisions not addressed in the
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New Zealand: IRD updates compliance guide for multinational enterprises, incorporating BEPS and pillar two measures
The Inland Revenue Department (IRD) New Zealand has updated its compliance focus guide for multinational enterprises (MNEs) to reflect important changes since 2019, including the integration of OECD base erosion and profit shifting (BEPS) measures
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Korea (Rep), New Zealand agree to update tax treaty
A joint statement from South Korea's Ministry of Foreign Affairs reveals that officials from New Zealand and South Korea held meetings from 4 to 5 September 2024 in which both parties agreed to continue talks to update the 1981 tax treaty between
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New Zealand seeks feedback on GST rules for managed fund fees
New Zealand Inland Revenue has initiated a public consultation process for a draft interpretation statement that outlines the Commissioner's perspective on the proper application of GST concerning fees related to managed funds. Once finalised, this
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Bermuda and New Zealand activate first tax information exchange agreement
As per recent reports, Bermuda and New Zealand have officially activated their first-ever tax information exchange agreement, which came into effect on 15 December 2017. Initially signed on 16 April 2009, the agreement covers all relevant tax
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New Zealand, Austria tax treaty protocol now in effect
The amending protocol to the 2006 income and capital tax treaty between Austria and New Zealand was enacted on 29 August 2024. Signed on 12 September 2023, this protocol represents the first amendment to the treaty. The main changes are as
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New Zealand issues Commissioner’s Statement on withholding in transfer pricing
The New Zealand tax authority released the Commissioner's statement (CS) 24/02: Withholding obligations arising in relation to transfer pricing arrangements on 30 August 2024. CS 24/02 details the Commissioner's stance and operational strategy
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New Zealand introduces Taxation 2024–25 Tax Bill, proposes incorporating CARF into lawÂ
New Zealand’s Minister of Revenue, Hon Simon Watts, introduced the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Bill into the House on 26 August 2024. The Bill passed its first reading on 29 August
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