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Tax Tips Alert: May 2023
Budget 2023 tax measures
For many years, the Government’s Budget announcements have been relatively uneventful from a tax perspective. However, with the Government’s publication of its report looking at the effective tax rate paid by high wealth individuals (HWI) just a few weeks ago (the HWI Report), there was speculation as to whether the Government would introduce tax changes in response to the findings of the HWI Report in this year’s Budget. One technical change we indicated could be on the cards was increasing the trustee tax rate to 39% to align with the top personal tax rate. This has now been confirmed in this year’s Budget, with the introduction of the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill on Budget Day.
In this edition of Tax Tips, we outline the Government's key tax announcements on Budget Day including:
- Trustee tax rate increase to 39%;
- New Zealand multinational taxpayers - OECD’s Pillar Two measures introduced;
- Introduction of the Taxation Principles Reporting Bill; and
- Various other tax insights from the Budget.
If you would like any further detailed advice on what the above developments mean for you, please reach out to your usual PwC advisor.
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