New Zealand, Guernsey sign tax treaty protocol
The governments of New Zealand and Guernsey on September 18 signed protocol to their tax information exchange agreement, the New Zealand government has announced. ... - Continue reading
Category: New Zealand
New Zealand-Swiss tax agreement tightens net on avoidance
WELLINGTON, Aug. 8 (Xinhua) — Opportunities to dodge tax are shrinking with the completion of a new tax agreement between New Zealand and Switzerland, New Zealand’s Revenue Minister Stuart Nash said on Thursday. Nash and Swiss Ambassador to New Zealand David Vogelsanger signed documents to update the Double Tax Agreement… – Continue reading
New Zealand: New Zealand’s Revised International Tax And Transfer Pricing Guidance
Duff & Phelps' Transfer Pricing Alliance Partner, TP EQuilibrium AustralAsia, contributed their insights, expertise and perspectives on this new development. ... - Continue reading
Have your say on the China-NZ double taxation agreement
Double tax agreement set to be modernised. ... - Continue reading
New Zealand digital services tax update
New Zealand Inland Revenue on 4 June 2019 launched a consultation seeking public feedback on New Zealand’s approach to a digital services tax. ... - Continue reading
Macau | City sharing tax information with New Zealand
Macau and New Zealand have signed a tax-sharing information agreement, with the OECD stating that the city had exchanged tax information with 34 jurisdictions in 2018 Macau (MNA) – Macau has recently signed a tax-sharing information agreement with the government of New Zealand. According to a release from the Cabinet… – Continue reading
Worldwide: UK Tax Round Up – November 2018
General UK Tax Developments Finance Bill The Finance (No 3) Bill 2018-19 (which will become the Finance Act 2019) was published on 7 November and includes legislation to enact the changes highlighted in our UK Budget blog post ( UK Budget Blog). Another key area covered by the Finance Bill… – Continue reading
New Zealand Law Foundation Report suggests accepting cryptocurrency
A recent report published by the New Zealand Law Foundation on regulating cryptocurrencies in New Zealand suggests the regulators of the country to start taking tax in crypto and trial a CBDC. The report, that is commissioned by the New Zealand Law Foundation and written by the University of Auckland… – Continue reading
Australia’s fugitive Chinese accounts frozen
The top story in the finance section on Tuesday morning is about the Chinese government’s hunt for hidden assets (and unpaid taxes) overseas. The article mentions Australia and New Zealand freezing accounts from customers who don’t identify if they are foreign taxpayers. It goes on to say many of the… – Continue reading
HK-New Zealand protocol to tax treaty in force
Hong Kong (HKSAR) – The second protocol to the Comprehensive Avoidance of Double Taxation Agreement between Hong Kong and New Zealand (CDTA) entered into force yesterday (August 9), a government spokesman said. The second protocol was signed in June last year and amends the CDTA to pave the way for… – Continue reading
India’s sweeping anti money laundering agenda comes under scrutiny
Money laundering and abuse of sophisticated financial instruments have come under increasing scrutiny from regulators. However observers warn high-profile initiatives often act as a distraction from a lack of genuine political will to tackle global financial crime. For example, India’s leading stock exchange, the BSE, de-listed 222 dormant shell companies… – Continue reading
Multinationals in New Zealand to pay fair share of tax
WELLINGTON, June 26 (Xinhua) — New measures to ensure multinational companies in New Zealand pay their fair share of tax will come into force next week. Revenue Minister Stuart Nash said the Taxation (Neutralizing Base Erosion and Profit Shifting) Bill, which passed its third reading in Parliament on Tuesday, takes… – Continue reading
3 per cent of NZ house sales to foreigners
Only just over 3 per cent of houses sold or transferred in the March quarter went to foreigners, Stats NZ data shows. Of the properties which transferred to new ownership in the three months, 3.3 per cent went to people who were not citizens or residents, up from 2.9 per… – Continue reading
OECD backs BEPS plan in face of critics
The OECD has endorsed New Zealand’s crackdown on multi-national tax evasion, despite significant criticism from local businesses that it departs from OECD standards, Thomas Coughlan reports. David Bradbury, head of the OECD’s tax policy and statistics division, told Newsroom that the OECD was “very pleased with the strong support that… – Continue reading
Konrad Mizzi instructed accountants to backdate New Zealand trust documents
While Panama Papers revealed his offshore companies, Konrad Mizzi was giving instructions to backdate changes to his New Zealand holdings Konrad Mizzi instructed New Zealand accountants to backdate documents after the Panama Papers exposed his offshore interests in 2016, The Australian Financial Review reported. Last month, The Shift News reported… – Continue reading
Keith Schembri Once Again Contradicts His Own Statements Regarding His Offshore Company Network
His story has changed somewhere along the line Keith Schembri’s latest explanation today of his network of offshore companies flies in the face of his original statement when the Panama scandal first broke out two years ago. Reacting to stories published today by German paper Süddeutsche Zeitung and the Times… – Continue reading
New Zealand Tables Legislation To Tackle BEPS Issues
A tax bill to counter base erosion and profit shifting by multinational companies was introduced into Parliament on December 6. The Taxation (Neutralising Base Erosion and Profit Shifting) Bill contains measures to prevent multinationals from using: Artificially high interest rates on loans from related parties to shift profits out of… – Continue reading
English High Court Busts New Zealand Trust Structure
In a world where the creation of schemes to exploit loopholes in global tax laws causes social uproar about ‘hiding money’ (the leaking of the Panama Papers and Paradise Papers being good examples), the recent decision of JSC Mezhdunarodniy Promyshlenniy Bank and another v Pugachev and others [2017] EWHC 2426… – Continue reading
New Zealand To Remove GST Exemption For Low-Value Imports
New Zealand’s new Revenue Minister, Stuart Nash, has said that the country will reduce or eliminate the goods and services tax exemption for low-value imports. Presently goods worth no more than either NZD226 (USD155.6) or NZD400 (depending on if they are subject to duty) are not subject to goods and… – Continue reading
Govt. of India and Govt. of NZ signs Third Protocol to the Convention for avoidance of double taxation and the prevention of fiscal evasion
The Ministry of Finance (Department of Revenue) vide notification S.O. 3512(E) dated November 2, 2017 sets out the Third Protocol to the Convention between the Government of the Republic of India and the Government of New Zealand for the avoidance of double taxation and the prevention of fiscal evasion with… – Continue reading
NZ’s IRD a global leader in shift to digital
NZ’s IRD a global leader in shift to digital, unobtrusive tax administration, Ferguson says Oct. 18 (BusinessDesk) – The Inland Revenue Department is leading the charge in a global shift to digitally-based tax administration that’s unobtrusive and easy to use, says commissioner Naomi Ferguson. The New Zealand tax department is… – Continue reading
Inland Revenue Ordinance to be amended to facilitate international tax co-operation
Hong Kong (HKSAR) – The Inland Revenue (Amendment) (No. 5) Bill 2017 (Amendment Bill) was gazetted today (October 6). The Amendment Bill seeks to pave the way for Hong Kong’s participation in the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, and to align the Inland Revenue Ordinance (IRO)… – Continue reading
New Swiss tax data exchange deals raise red flags
The automatic exchange of tax information (AIE) between countries is generally seen as an effective way of cracking down on tax cheats. But what if a country uses the data to politically oppress its citizens? It’s a burning issue facing Swiss lawmakers. This week, Swiss parliament will begin a debate… – Continue reading
STILL HEAVY IMPACTS FROM THE PANAMA PAPERS ON NEW ZEALAND’S TAX LAWS FOR TRUSTS
By 2016 the number of foreign trusts in New Zealand had more than tripled from 2008, reaching 10,697, according to New Zealand’s Inland Revenue Department (IRD). Those trusts were bringing around $50 million in professional fees to the country. At that time, the Panama Papers scandal revealed that New Zealand… – Continue reading
Croatia, New Zealand Eye Double Tax Avoidance Deal
Croatia and New Zealand have agreed that they should negotiate an agreement on the avoidance of double taxation. Croatia’s President, Kolinda Grabar-Kitarovic, said an agreement was discussed in a meeting with New Zealand’s Prime Minister, Bill English, while she was on a state visit to the country. A double tax… – Continue reading
Big corporates seek lower tax rate
Some of New Zealand’s largest companies are calling on any future government to lower the corporate tax rate, which is becoming high compared to other countries, and a “New Zealand first” approach to policing cross-border finance arrangements that under-tax revenue in other countries. Published jointly by peak business lobby Business… – Continue reading
Updated China-NZ Tax Agreement to be Progressed
Revenue Minister Judith Collins has welcomed a second round of negotiations between China and New Zealand tax officials aimed at updating the current double tax agreement signed between the two countries in 1986. “The aim is to agree a new treaty, adopting modern treaty language and concepts, including agreed measures… – Continue reading
New Zealand Moving Forward With Tax Treaty Amendments
The New Zealand Government has announced the signature of two Orders of Council that will implement amendments to its tax treaty arrangements with India and San Marino. The third protocol to the double tax agreement (DTA) with India updates the information exchange provisions and inserts an article on assistance in… – Continue reading
Labour plans crackdown on multinational tax avoidance to help fund spending plans
Labour is threatening to crack down on multinational companies that are dodging paying their fair share of tax in a move it believes will net $200 million a year in extra tax for the Government. Leader Andrew Little said according to Inland Revenue, New Zealanders were missing out by hundreds… – Continue reading
Hong Kong signs agreement with New Zealand on automatic exchange of financial account information in tax matters
Hong Kong (HKSAR) – Hong Kong has signed an agreement with New Zealand for conducting automatic exchange of financial account information in tax matters (AEOI) from 2018 onwards, a Government spokesman said today (July 14). “We have been seeking to expand Hong Kong’s AEOI network with our tax treaty partners…. – Continue reading
New tax law demands banks share customer info
Banks will have to share customer information after a new tax law took effect Saturday, according to New Zealand Bankers’ Association. The new law requires banks and other financial institutions to identify accounts held by foreign tax residents. This customer information will be provided to Inland Revenue, which will in… – Continue reading
New Zealand Clarifies Common Reporting Standard Exemptions
New Zealand’s Inland Revenue has issued clarification around the types of account that will be exempt from reporting under the OECD’s Common Reporting Standard for the Automatic Exchange of Information. The authority said that the exempted accounts include Whai Rawa Unit Trust Fund member’s accounts, dormant accounts, and accounts under… – Continue reading
New Zealand Updates Tax Treaty With Hong Kong
New Zealand has updated its double tax agreement with Hong Kong to allow for the automatic exchange of information in tax matters between the two jurisdictions. Once in force, the updated double tax treaty will require both Hong Kong and New Zealand to automatically exchange tax information with each other,… – Continue reading
Automatic exchange of financial information to begin in NZ
Hon Judith Collins Minister of Revenue 1 June 2017 Automatic exchange of financial information to begin in New Zealand Revenue Minister Judith Collins has today welcomed the start of Inland Revenue’s information campaign on the Automatic Exchange of Information (AEOI) which is part of the OECD-led effort to combat tax… – Continue reading
Tax predictability is key to driving investment
Deloitte survey highlights tax predictability as key to driving investment growth in Asia Pacific New Zealand well placed against backdrop of increased uncertainty in Asia Pacific’s tax landscape New Zealand’s tax policies are seen as relatively straight forward, consistent and predictable compared to other countries in the region, according to… – Continue reading
G20 Citizens Favor BEPS Crackdown Over Tax Competition
Citizens in G20 countries would prefer their government engage in international efforts to improve the functioning of international tax rules than compete for tax receipts, says a new survey. G20 public trust in tax, a report compiled by the ACCA (the Association of Chartered Certified Accountants), IFAC (the International Federation… – Continue reading
New Zealand Seeks Input On Automatic Tax Information Exchange
New Zealand has asked taxpayers for input on countries that lack the safeguards to ensure information automatically exchanged under the Common Reporting Standard (CRS) remains confidential. To comply with the new international tax information exchange standard developed by the OECD, the CRS, New Zealand must publish a list of jurisdictions… – Continue reading
Law Society reaches understanding with IRD on FATCA
The New Zealand Law Society says that following discussions with Inland Revenue and the New Zealand Bankers’ Association it has now reached an understanding with Inland Revenue about application of FATCA to lawyers’ trusts accounts. FATCA is the United States’ Foreign Account Tax Compliance Act. Its objective is to reduce… – Continue reading
Next off the block – AEOI
You might have thought you have enough on your plate getting to grips with anti-money laundering rules closely followed by FATCA – but it’s not over yet! Next off the block is the Automatic Exchange of Financial Account Information in Tax Matters (AEOI). The AEOI, which we first provided an… – Continue reading
New Zealand: New Zealand To Enact Tighter Foreign Trust Disclosure Rules
The New Zealand Parliament has passed a Bill which, following royal assent, will meaningfully increase disclosure obligations for NZ resident trustees of NZ foreign trusts. The Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill, was passed by Parliament on 14 February 2017. The Bill contains important provisions relating… – Continue reading
Govt moves to end NZ’s tax haven reputation
The government is pulling out all the stops to end perceptions that New Zealand is a tax haven. With tougher disclosure rules set to come into force from July following the Panama Papers scandal, Inland Revenue (IRD) is promising to pass on the details about those with New Zealand foreign… – Continue reading
Govt seeks to lift focus on nominee directors & bring anti-money laundering into the picture in attempt to clean up Financial Service Providers Register
The Government is considering making companies include detail of who their supervisor is under the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act) as it strives to clean up the Financial Service Providers Register (FSPR). This suggestion is included in a consultation paper on a Financial Services Legislation… – Continue reading
Inland Revenue audits Microsoft NZ over transfer pricing practices
Microsoft New Zealand is bracing for possible action from the taxman. The company said in its annual accounts that Inland Revenue was auditing payments charged to it by Microsoft companies overseas over the two years to June 2015. Microsoft NZ listed the Inland Revenue audit as a “contingent liability” for… – Continue reading
Panama not cooperating with Malta tax authorities
Authorities unable to access leaked e-mails from Mossack Fonseca Panama is not cooperating with the Maltese tax authorities in their investigations into the Panama Papers leak, according to Finance Minister Edward Scicluna. Prof. Scicluna made his comments to Malta Today. Inland Revenue Commissioner Marvin Gaerty told this paper last year… – Continue reading
New Zealand Issues Guidance On OECD’s Common Reporting Standard
New Zealand’s Inland Revenue has published draft guidance to help financial institutions prepare for the OECD’s Common Reporting Standard for the Automatic Exchange of Financial Account Information in Tax Matters. The country is expected to pass legislation to implement the CRS by March 2017. The CRS is an international standard… – Continue reading
Government planning action to target multinationals over tax
The Government is planning unilateral action to crack down on tax dodging by multinational companies, including changing the law, amid growing concern about fairness. Revenue Minister Michael Woodhouse said proposals outlined in a cabinet discussion document tabled last month would see Inland Revenue properly armed to tackle the problem and… – Continue reading
French Panel Adopts ‘Google Tax’ on Diverted Profits
Big U.S. internet companies in France could get hit by a new BEPS-inspired penalty on “diverted profits” under a so-called Google tax measure that France’s National Assembly is set to consider next week. The amendment, proposed by Socialist Deputy Yann Galut and adopted by the Assembly’s finance committee, targets foreign… – Continue reading
Federal government moves to stop double taxation, evasion
The Federal Executive Council, FEC, on Wednesday approved a bilateral agreement for the avoidance of double taxation and the prevention of physical evasion of taxes on income and capital benefits between Nigeria and Singapore. The Minister of Finance, Mrs. Kemi Adeosun disclosed to State House Correspondents, after the FEC meeting… – Continue reading
New Zealand Planning More BEPS Measures
New Zealand’s tax agency has set out the international tax initiatives it intends to pursue, in particular in response to the OECD’s base erosion and profit shifting plan. It said it will undertake further work on a package of BEPS initiatives, which will include hybrid mismatch rules to prevent companies… – Continue reading
Australian Practitioners Urge Zero Withholding for Pooled Funds
Practitioners in the managed funds industry are calling for a zero-rate for withholding tax in Australia amid the government’s proposals for new tax concessions to boost it, saying the proposed measures don’t go far enough. The government released a consultation paper Nov. 3 on non-resident withholding taxes for pooled funds—or… – Continue reading
