New Zealand parliament approves enforcement of pillar 2 global minimum tax rules from 2025

March 13, 2024

On 11 March 2024, the Finance and Expenditure Committee of the New Zealand Parliament released its final report on the Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill. This bill includes the provisions for the

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New Zealand updates two-pillar solution including Amount B transfer pricing approach

March 02, 2024

On 23 February 2024, the New Zealand Inland Revenue Department released an update regarding the OECD's two-pillar solution and its enforcement in New Zealand. The update mentions that New Zealand has decided not to implement the Amount B simplified

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New Zealand introduces the digital services tax bill into the Parliament

September 19, 2023

On 31 August 2023, the New Zealand Government introduced the Digital Services Tax (DST) Bill into the Parliament. The Bill would allow the Government to impose, at an appropriate time, a tax on gross revenues of large multinational entities with

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New Zealand introduces OECD pillar two GLoBE rules in Taxation Bill

May 26, 2023

On 18 May 2023, the Minister of Revenue, Mr. Hon David Parker introduced the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill into the parliament. The Bill contains the following key measures: OECD pillar two

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New Zealand: Finance and Expenditure Committee proposes additional measures to the taxation bill

March 09, 2023

On 2 March 2023, the Finance and Expenditure Select Committee submitted a report to Parliament on the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Bill (No 2), introduced on 8 September 2022. The committee has

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New Zealand extends R&D tax incentive due dates

August 29, 2022

On 26 Aug 2022, New Zealand’s Inland Revenue (IR) issued research and development (R&D) tax incentive updates due to the ongoing COVID-19 pandemic. The IR provides details on R&D tax incentive extensions, changes to claiming supporting

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New Zealand: Inland Revenue seeks comments on loss carry-forward rules

August 01, 2022

On 21 July 2022, the New Zealand Inland Revenue published Interpretation Statement on tax loss carry-forward rules for Consultation. The consultation period is from 21 July 2022 to 1 September 2022. This interpretation statement provides guidance

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WTO: Trade Policy Review of New Zealand

June 01, 2022

On 1 and 3 June 2022 the WTO is carrying out a trade policy review of New Zealand. A report has been issued by the WTO Secretariat as a basis for the review. The report notes that New Zealand considers trade as very important for its prosperity.

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New Zealand: OECD Economic Survey for 2022 Recommends Tax Adjustments

February 04, 2022

On 31 January 2022 the OECD published the New Zealand Economic Survey 2022. The report notes that more consolidation measures are necessary to stabilise the fiscal position, and emphasises the need to increase productivity, increase the housing

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OECD: Peer review reports under BEPS Action 14

April 17, 2021

On 15 April 2021 the OECD released peer review assessments under Action 14 of the project on base erosion and profit shifting (BEPS) which aims to make dispute resolution mechanisms more effective. These stage two monitoring reports relate to

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New Zealand: Inland Revenue releases guidance on transfer pricing amid COVID-19

August 31, 2020

Recently, New Zealand’s Inland (IR) Revenue has released guidance regarding practice issues for transfer pricing due to the COVID-19 pandemic. The COVID-19 pandemic has created an impact on specific sectors and businesses substantially. The

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New Zealand increases individual tax write-off thresholds due to COVId-19

July 21, 2020

On 9 July 2020, New Zealand’s Inland Revenue (IR) has announced a temporary increase to the write-off threshold for individual taxpayers to help ease the financial stress caused by COVID-19. The threshold has been increased to NZD 200 from

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New Zealand announces temporary loss carry-back scheme in response to COVID-19

April 20, 2020

On 15 April 2020, New Zealand has announced a temporary loss carry-back scheme in response to COVID-19 to support customers in the current uncertain economic environment. Businesses expecting to make a loss in either the 2020 year or the 2021

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New Zealand: Inland Revenue announced relief regarding APA during COVID-19

April 12, 2020

The New Zealand’s Inland Revenue (IR) has announced relief regarding advance pricing agreement (APA) during the COVID-19 outbreak. Inland Revenue has assured that customers do not need to take any specific action now to ensure that their

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New Zealand enacts tax bill in response to COVID-19 pandemic

April 05, 2020

On 25 March 2020, the New Zealand Government has passed COVID-19 Response (Taxation and Social Assistance Urgent Measures) Act 2020.  The Act aims to support the package of economic and social measures needed to recover from the impact of the

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New Zealand: Government releases economic package due to COVID-19 pandemic

March 22, 2020

O 17 March 2020, the New Zealand Government has unveiled a NZD 12.1 billion COVID-19 response package. From the package NZD 5.1 billion is allocated in wage subsidies for affected businesses in all sectors and regions, NZD 2.8 billion in business

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DTA between China and New Zealand enters into force

January 05, 2020

On 27 December 2019, the Double Taxation Agreement (DTA) between China and New Zealand was entered into force and applies from 1 January 2020. From this date, the new DTA will replace the existing DTA of 1986. The DTA contains Dividends rate 5% for

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New Zealand: Inland Revenue issues updated information on R&D tax incentives

December 15, 2019

On 29 November 2019, Inland Revenue of New Zealand has issued updated research and development (R&D) information and draft guidance on the latest proposals. The R&D tax incentives are included in the Taxation (KiwiSaver, Student Loans, and

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