Tax Tips: August 2016

In this issue:

The Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill was introduced into Parliament earlier this month and contains three main policy proposals:

• changes to business taxation including a new method of collecting provisional tax,
• implementing the G20/OECD standard for Automatic Exchange of Financial Account Information in Tax Matters, and
• changes to implement the disclosure requirements for foreign trusts recommended by the Government Inquiry into Foreign Trust Disclosure Rules.

We discuss and comment on the proposed changes in this edition of Tax Tips. We also comment on the Court of Appeal’s decision in Commissioner of Inland Revenue v Vector Ltd [2016] NZCA 396 upholding an earlier High Court decision in favour of the taxpayer.