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 law
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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New Zealand revises emission trading scheme
New Zealand’s Climate Change Minister Simon Watts announced that the government has updated its Emission Trading Scheme (ETS) to better meet climate targets. The government will reduce the number of ETS units available between 2025 and 2029 from
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New Zealand consults Inland Revenue’s long-term insights briefing
New Zealand’s Inland Revenue is consulting on the scope of its next long-term insights briefing (LTIB). You can provide feedback on this consultation by emailing policy.webmaster@ird.govt.nz with "LTIB topic" in the subject line. The closing
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New Zealand ratifies pending tax treaty with Slovak Republic
New Zealand published the Double Tax Agreements (Slovak Republic) Order 2024 on 29 July, 2024. The order, which comes into force on 29 August 2024, gives effect to the agreement between New Zealand and the Slovak Republic for the elimination of
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New Zealand publishes double tax agreement order for Austria
New Zealand has published the Double Tax Agreements (Austria) Order 2024, which facilitates the ratification of the protocol to the 2006 income tax treaty with Austria. This protocol, signed on 12 September 2023, marks the first amendment to the
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New Zealand sets deemed rate of return for foreign investment fund interests for 2023-24
On 6 June, 2024, the Inland Revenue Department of New Zealand has declared that the deemed rate of return applicable to the taxation of foreign investment fund interests will be 8.63% for the income year of 2023-24, an increase of 0.48% from the
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New Zealand enacts Taxation (Budget Measures) Act 2024
On 4 June, 2024, New Zealand enacted the Taxation Act 2024 , bringing tax relief to many sectors, primarily for individuals’ income tax thresholds. Budget 2024 sets out the Government’s plan to rebuild the economy, ease the cost of living,
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New Zealand announces 2024 budget, major adjustments made to individual tax brackets
New Zealand’s 2024 budget was made public on Sunday, 30 May, 2024. It does not contain any major tax measures but proposes adjustments to the individual income tax brackets. The start date has been pushed from July to August. Delivered by
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New Zealand implements tax relief for individuals with lower and middle incomes
The New Zealand government presented its budget today, 30 May, 2024, which outlined economic assistance for the middle-income citizens who are grappling with the challenges of escalating living expenses, soaring mortgage rates, and unprecedented
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New Zealand announces 5% annual tax on interests in FIFs
New Zealand’s Inland Revenue announced that New Zealand taxpayers with interests in foreign investment funds (FIFs) or foreign stocks, with a total portfolio value (excluding select Australian stocks) over NZ$50,000, will be imposed an annual tax
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New Zealand issues 2024 international tax disclosure exemption
On 3 April 2024, the New Zealand Inland Revenue published a determination concerning the 2024 international tax disclosure exemption. This eases the obligation of taxpayers to report their interests in foreign entities for the income year that
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New Zealand releases Taxation Act 2024 with source rule amendments for 2023-24
On 28 March 2024, New Zealand officially published the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024 in the Official Gazette. This legislation received royal assent on 28 March 2024 with various measures.
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New Zealand enacts tax bill with pillar 2 global minimum tax for 2023–24
On 28 March 2024, the government of New Zealand government announced that it passed the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill after receiving royal assent on 28 March 2024. The Bill provides key
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