The Customs and Excise Act 2018 (the Act) was passed into law earlier this year and is a landmark development. The new law is the product of sound vision, much hard work by the New Zealand Customs Service (NZCS) team, and an extensive consultation phase with affected stakeholders. For the most part, the Act will apply from 1 October 2018.
The Act entirely replaces the Customs and Excise Act 1996. NZCS has taken a proactive approach to ensure our Customs legislation remains relevant and up-to-date and that it does not hamper the growth and development of New Zealand business. The key focus for NZCS was to have a legislative framework that provides flexibility for future operational and technological changes and to make sure New Zealand has a world class border management system. Two features stand out in the new Act:
1. principles-based legislation, and
2. several new business-oriented measures.
In our latest Tax Tips Alert, we discuss the background to the rewrite and the key changes that may impact your business.
PwC will be holding update seminars on the new Customs and Excise Act 2018 at our offices in Auckland on 1 August and Wellington on 3 August. Specific invites will be sent out but, if you would like to attend, please contact Kelsey Doyle (firstname.lastname@example.org or +64 9 3558397) to register your interest in advance. Spaces are limited.
Get in touch, PwC New Zealand