Automatic exchange of Domestic implementation of a new global standard on the information automatic exchange of financial bank account information with treaty partners. Interest limitation rules Consideration of New Zealand’s interest limitation in light of OECD recommendations. Part of the BEPS Action Plan. Multilateral instruments As part of the BEPS work, the OECD has proposed countries sign a multilateral instrument that will simultaneously the double tax agreements of participating countries. The amendments to DTAs will address certain aspects of the BEPS project that have a treaty dimension e.g. treaty shopping or permanent establishment avoidance. Foreign trust disclosures Policy recommendations arising from the Government Inquiry into foreign trust disclosure requirements. Inbound investment An officials’ paper outlining New Zealand’s approach to taxing framework foreign investment income has been prepared. It has been used as the basis for targeted consultation with private sector representatives, and has also been published on the tax policy website to facilitate a wide understanding of the trade-offs the Government faces in responding to BEPS. Business transformation and Better Public Services Business transformation Project Description Better administration of Policy options to reduce compliance and administrative GST and PAYE consistent with longer term business transformation thinking. Review of the Tax Developing a framework for tax administration with an Administration Act emphasis on the key of the Commissioner, taxpayers and tax agents, as well as the rules around information collection and tax secrecy which underpin their interactions. Individuals’ taxation Improving the tax system for individuals, including comprehensive pre-population of income information, collection of information, more efficient debt collection processes and the degree of interaction with the tax system. Business taxation Improving the tax system for business, including the calculation of provisional tax, the collection of information and reviewing the penalties and interest Includes researching additional measures that have potential to deliver further benefits to businesses, reduce compliance costs and make the tax system simpler. Investment income Streamlining the collection of information about investment information income such as interest, dividends, PIE income and Māori authority distributions.
Automatic exchange of information Domestic implementation of a new global standard on the automatic exchange of financial bank account information with treaty partners. Interest limitation rules Consideration of New Zealand’s interest limitation in light of OECD recommendations. Part of the BEPS Action Plan. Multilateral instruments As part of the BEPS work, the OECD has proposed countries sign a multilateral instrument that will simultaneously the double tax agreements of participating countries. The amendments to DTAs will address certain aspects of the BEPS project that have a treaty dimension e.g. treaty shopping or permanent establishment avoidance. Foreign trust disclosures Policy recommendations arising from the Government Inquiry into foreign trust disclosure requirements. Inbound investment framework An officials’ paper outlining New Zealand’s approach to taxing foreign investment income has been prepared. It has been used as the basis for targeted consultation with private sector representatives, and has also been published on the tax policy website to facilitate a wide understanding of the trade-offs the Government faces in responding to BEPS. Business transformation and Better Public Services Business transformation Project Description Better administration of GST and PAYE Policy options to reduce compliance and administrative consistent with longer term business transformation thinking. Review of the Tax Administration Act Developing a framework for tax administration with an emphasis on the key of the Commissioner, taxpayers and tax agents, as well as the rules around information collection and tax secrecy which underpin their interactions. Individuals’ taxation Improving the tax system for individuals, including comprehensive pre-population of income information, collection of information, more efficient debt collection processes and the degree of interaction with the tax system. Business taxation Improving the tax system for business, including the calculation of provisional tax, the collection of information and reviewing the penalties and interest Includes researching additional measures that have potential to deliver further benefits to businesses, reduce compliance costs and make the tax system simpler. Investment income information Streamlining the collection of information about investment income such as interest, dividends, PIE income and Māori authority distributions.