May 2018
The Government has released a discussion document on GST and low-value imported goods. The discussion document, GST on low-value imported goods: An offshore supplier registration system, outlines the details of the Government’s proposed offshore supplier registration (OSR) system. The Government is seeking submissions on the design aspects of this proposal with submissions closing on 29 June 2018.
Following consultation, the draft law is expected to be tabled in Parliament by November 2018. If enacted, the new rules for offshore sellers of low value goods (LVG) – below the $400 threshold – will apply from 1 October 2019.
The Tax Working Group (TWG) also called for submissions on the same issue and those submissions will be redirected to Inland Revenue, given that the TWG has now reported back to the Government and recommended it to consult on the design of an OSR system, while also acknowledging the need to review other options to collect GST between the point of sale and delivery.
Download the latest Tax Tips Alert for a full overview of these GST developments.
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