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Tag: #New Zealand

New Zealand seeks tax transparency from MNEs

New Zealand

The Commissioner of New Zealand tax management, Naomi Ferguson turned to local and multinational corporations belonging to a foreign owner to be more transparent in their international tax matters. Ferguson made the call Chartered Accountants of Australia during the launch of the 2016 edition of the Document of Compliance the center of transnational corporations and in Auckland on November 18 held a tax conference of New Zealand. The document of compliance describes in detail as the tax authority continues to increase amount of a research of large corporations, increasing number of the companies which will receive closer attention. The New Zealand large companies will be obliged to represent the Main Packet of Compliance which will include annual information on their structure of group, the financial reporting and tax coordination while the companies belonging to the foreign owner are obliged to finish the intended International Questionnaire. According to the internal income, nearly 600 New Zealand and foreign groups were under observation since 2012. From next year this number increased almost to 900 groups, including all the multinational companies belonging to foreign...

New Zealand tax system progresses

New Zealand's Tax system

The top ten income in New Zealand is projected to pay 37.2% income tax in 2016/17, compared with 35.5% in the 2007/08 year. The New Zealand government has published data showing that the tax system is more progressive. "These latest data confirm that the income tax system and support of New Zealand much income redistribution needy households, said Acting Finance Minister Steven Joyce. "Many families with low incomes pay a larger share of income tax than in 2008, and households with low incomes pay less - 30% of households with the lowest incomes are projected to pay only 5.4% of income tax, compared with 6.3% in 2007/08 p ". "The Government has increased support to low-income households to help New Zealanders go through difficult times. So at any given time, a large number of households effectively do not pay income tax," said Joyce. According to the Treasury in 2016/17, 42% of households will pay less tax than they receive from social security benefits it work for family tax credits and if we compare, the 2007/08 figure was - 39%. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

New Zealand propose to improve invest tax

Инвестиции в Новой Зеландии

The government of New Zealand release 7 July 2016 discussion document contain proposals aiming for improving administrative invest tax. These proposals can make easy a year process for taxpayers and increase in the system at the same time, Revenue Minister Michael Woodhouse said. "Payers of interest, dividends, and taxable Maori authority distributions currently provide tax certificates to the recipients of the income. Need to gather all of this certificates from it different income sources to meet their end of year tax obligations." Woodhouse said. It would be better for income to collect that entire information collect that information direct from the payers and use it to pre-populate the recipients' tax records." To get this target the discussion document proposes that: All investment income payers will provide this information to the Internal Revenue often. The deadline for feedback on the proposals on 19 August 2016. Author: Sergey Panovmanaging partner Finance Business...

New Zealand, signing the report sharing

New Zealand. Reports

Revenue Minister of New Zealand, Michael Woodhouse, has said that recently signing agreement on the report exchange between countries will be increase country's tax collection capability. This agreement that provide country-by-country exchange of financial reports was recently signed by officials from New Zealand, Canada, China, Iceland, India, and Israel, totally 39 countries. Woodhouse also said that some large multinationals often use some difficult financial scheme, what helps them to escape of paying tax, called base erosion and profit shifting. This new country-by-country reporting agreement is on the centre of financial activity, allow to participants exchange information of multinationals activity. «Under that agreement, large multinationals will have to provide information relating to economic activity, including the global allocation of income and taxes paid," the Revenue Minister said. "Each revenue authority collecting this information to exchange with other countries. This also will show us a full picture of every multinational financial activity. According to this agreement it will be easier to control any tax wrongdoing». The agreement can...

Simplifying the tax rules in New Zealand

Taxes in New Zealand

The package of tax reforms aimed at supporting small and medium-sized enterprises (SMEs) has been submitted to the Prime Minister of New Zealand, John Key, 13 April 2016. It includes measures to simplify the taxation of small and medium-sized businesses, as well as reduce the cost of compliance with the requirements, said Finance Minister Bill English and Revenue Minister Michael Woodhouse. "These measures will make tax easier and reduce the burden of interest and penalties, as well as help small businesses to carry out individual payments to their circumstances," said English. "We want to make the tax system could fit into how the business works, not the other way around." The main measures included to the proposal: Reform of the temporary tax, the new payment. The elimination or reduction of the use of interest for use of funds for the vast majority of taxpayers. The ability of contractors to choose the tax rate that corresponds to their needs. Cancel the current one percent monthly penalty from 1 April 2017, although the direct penalties and interest charges for late payments will continue to apply. Woodhouse said the changes are part of a...