New Zealand to introduce new rules on remote services
A tax bill is to introduce a goods and services tax (GST) on “remote services” and would implement the government’s proposal for a residential land withholding tax on 16 November 2015. The residential land withholding tax rate would apply
See MoreThe Trans-Pacific Partnership negotiation completed
On October 4, 2015, Ministers of the 12 Trans-Pacific Partnership (TPP) countries – Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam – announced conclusion of their
See MoreNew Zealand: Inland Revenue revises its guidance on APA
Inland Revenue recently updated its guidance on the Advance Pricing Agreement (APA) application process and published a list of steps aiming to standardize the process. Agreements can be required from Inland Revenue alone (unilateral) or between
See MoreCanada: Tax treaty, TIEA updates
The Finance Ministry has announced that the Double Tax Treaty (DTA) between Canada and New Zealand entered into force on 26th June 2015, and that agents of the governments of Canada and the Cook Islands signed a tax information exchange agreement
See MoreWTO conducts trade policy review of New Zealand
On 29 June and 1 July 2015 the World Trade Organization (WTO) is conducting the fifth trade policy review of New Zealand. The review is based on a report submitted by the government of New Zealand and the report prepared by the WTO Secretariat. The
See MoreNew Zealand: Minister of Finance presents the Budget for 2015/2016
The Minister of Finance presented the Budget for 2015/2016 to Parliament on 21 May 2015. The Budget 2015/2016 deals only with domestic tax issues. The Budget contains the following proposals: Strengthening the tax rules applicable to property
See MoreRevision to DTA between New Zealand and Australia
The government of New Zealand announced its plans to update the income tax treaty with Australia of 2009 for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreRevision to DTA between China and New Zealand
The government of New Zealand announced its plans to update the income tax treaty with China of 1986, as amended by the 1997
See MoreNew Zealand- Canada: Second protocol to tax treaty
New Zealand and Canada signed a second protocol to income tax treaty on 12 September 2014. This protocol delivered specific right to tax to New Zealand regarding pensions. This specific right to tax uses on only to pensions under a government
See MoreThe amended protocol of AANZFTA has been welcomed by New Zealand
The signing of protocol to amend the Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) has been welcomed by the New Zealand. AANZFTA is Australia’s first multi-country FTA. It is the first time Australia and New
See MoreNew Zealand-United States: FATCA agreement enters into force
Foreign Account Tax Compliance Act (FATCA) between New Zealand and United States has entered into force on 3 July
See MoreNew Zealand and Canada welcome WTO environmental goods discussion
As part of a multilateral trade pact being negotiated at the World Trade Organization (WTO), New Zealand and Canada have to cut their import tariffs on a number of environmental goods and it was announced on July 8, 2014. According to their
See MoreNew Zealand: Amendments to the tax pooling rules
Government intends to introduce rules to amend the current tax pooling rules and it will be applicable from 3 July 2014.The proposed changes will allow taxpayers to use tax pooling funds to pay interest on their tax obligations, arising out of an
See MoreNew Zealand: Approved New Tax Bill
The Inland Revenue has recently enacted a tax bill on 30 June 2014, which is reflected on annual rates, employee allowances and remedial matters. The new bill deals with the taxation of, accommodation payments, other allowances and payments provided
See MoreNew Zealand and United States signs FATCA IGA to share tax information
On 12 June, New Zealand signed an intergovernmental agreement with U.S to improve international tax compliance and to implement the Foreign Account Tax Compliance Act. According to the IGA, New Zealand financial institutions will disclose account
See MoreNew Zealand: Tax Reform Bill Passed
Tax reform bills has been presented to the Parliament, by the Revenue Minister, on June 19, 2014 in order to introduce new legislation which measures to explain the tax rules for businesses and remove distortions in the existing rules and ensure
See MoreNew Zealand: Approved new tax rate on employer loans
The Revenue Minister has approved the new interest rate on employer’s loan, which will be 6.13% (previously it was 5.90%). This new interest rate will be effective from 1 July of
See MoreNew Zealand to increase Tobacco Taxation
New Zealand is to reduce the duty-free allowances for tobacco and raise its excise duty in a move described as an attempt to reduce the amount of smoking. The move will also increase government revenue from excise tax on tobacco, at least in the
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