New Zealand: Inland Revenue announced relief regarding APA during COVID-19
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
See MoreNew Zealand enacts tax bill in response to COVID-19 pandemic
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
See MoreNew Zealand: Government releases economic package due to COVID-19 pandemic
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
See MoreDTA between China and New Zealand enters into force
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
See MoreNew Zealand: Inland Revenue issues updated information on R&D tax incentives
On 29 November 2019, Inland Revenue of New Zealand has issued updated research and development (R&D) information and draft guidance on the latest proposals.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
See MoreNew Zealand: Inland Revenue updates its compliance focus on MNEs
On 1 November 2019, the Inland Revenue has published a document setting out its compliance focus in respect of Multinational Enterprises (MNEs). The document aimed to make tax compliance more transparent for businesses and provide transparency and
See MoreNew Zealand: Inland Revenue clarifies about BEPS disclosure requirement
Recently, the New Zealand's Inland Revenue has introduced the Base Erosion and Profit Shifting (BEPS) disclosure requirement to support the new BEPS rules, including the expanded information collection powers applying to large multinational groups.
See MoreNew Zealand: DTA signs with Switzerland
On 8 August 2019, officials from New Zealand and Switzerland signed an amending protocol to update the Double Taxation Agreement (DTA) between them in accordance with BEPS
See MoreNew Zealand: Inland Revenue publishes revised transfer pricing regime
On 29 April 2019, Inland Revenue published the final versions of the special reports on the new rules for base erosion and profit shifting (BEPS). The rules were enacted in the Taxation (Neutralising Base Erosion and Profit Shifting) Act 2018 on 27
See MoreJapan: Tax authorities publishes the synthesized text with Israel, New Zealand, Poland, Slovakia, Sweden and the UK
Recently, the Japanese tax authorities published the synthesized text of the Japanese tax treaties with Israel, New Zealand, Poland, Slovakia, Sweden and the United Kingdom (UK) as modified by the MLI. The synthesized text reflects the agreement
See MoreNew Zealand-Sweden: Deposit ratification instrument for BEPS MLI
New Zealand and Sweden deposited their ratification certificates on 27th June and 22nd June 2018, respectively for the multilateral agreement on the implementation of tax-relevant measures to prevent erosion and profit shifting (MLI). The MLI will
See MoreNew Zealand’s taxation act regarding Neutralising Base Erosion and Profit Shifting receives royal assent
New Zealand's Taxation (Neutralising Base Erosion and Profit Shifting) Act received royal assent on 27 June 2018. The main measures of the Act are summarized as follows: CbC reporting requirement: According to the published guidance on
See MoreNew Zealand: Budget for 2018
On 17th May 2018, Finance Minister submitted New Zealand’s Budget for 2018 in the Parliament. The Budget process allows the government to: set its fiscal objectives in respect of revenue, expenditure, debt repayment and investment; maintain
See MoreNew Zealand: Government releases R&D tax incentive discussion document
Government has announced its intention to introduce a research and development tax incentive in April 2019 to help more businesses undertake a greater amount of R&D on 19th April 2018. The Ministry of Business, Innovation and Employment, Inland
See MoreNew Zealand: Government drafting amendments to transfer pricing rule
On 14th February 2018 government announced that it will recommend a change to transfer pricing provisions in a bill designed to lessen tax avoidance by multinationals. This bill concerns the new rule to limit the rate of deductible interest on
See MoreNew Zealand: A tax bill regarding BEPS introduces in Parliament
A tax bill which will counter base erosion and profit shifting (BEPS) by multinational companies has been introduced into Parliament on 6th December 2017. The bill would implement the government’s policies concerning BEPS matters. The proposals
See MoreNew Zealand: A tax bill to counter tax avoidance introduces into Parliament
On 6 December 2017, a tax bill to counter tax avoidance has been introduced into New Zealand’s Parliament by multinational companies and Minister of Revenue also published its commentary on the bill. Most provisions would enter into effect July
See MoreNew Zealand: The Council strengthens smokefree policy
Auckland Council has strengthened their Smokefree Policy to make all al fresco dining on footpath and Beaches areas smokefree. The new policy, which will come into effect from November 2017, requires all cafés and restaurants with licenses to
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