Feasibility and black Reviewing the rules on deductions for the costs Income tax hole expenditure related to undertaking feasibility studies and other (New) possible black hole expenditures. GST on imported Working with the New Zealand Customs Service to Consumption low value goods support the development of a regime to collect GST tax (New) on low value imported goods. Employee share Design of a deferral regime, whereby start-up Income tax schemes deferral companies may defer the payment of tax on – regime for start-up employee share schemes to a future point in time companies (New) when the valuation and liquidity problems are not as pronounced. International tax and base erosion and profit shifting (BEPS) Project Description Regulatory system Hybrid instruments Consideration of foreign hybrid instruments and Income tax and entities entities in the context of BEPS. Double tax New Zealand is seeking to establish new and updated Income tax agreement (DTA) double tax agreements with a number of countries, work programme including Norway, China, Korea, Slovak Republic, Portugal and Fiji. Automatic exchange Domestic implementation of a new global standard Information of information on the automatic exchange of financial bank account sharing information with treaty partners. Interest limitation Consideration of New Zealand’s interest limitation Income tax rules in light of OECD recommendations. Part of the BEPS Action Plan. Multilateral As part of the BEPS work, we have signed a Income tax instrument multilateral instrument that simultaneously amends the double tax agreements of participating countries. The amendments to DTAs will address certain aspects of the BEPS project that have a treaty dimension, for example: treaty shopping and permanent establishment avoidance. Foreign Policy recommendations arising from the Information disclosures Government Inquiry into foreign trust disclosure sharing requirements. Inbound investment An officials’ paper outlining New Zealand’s Income tax framework 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.
Feasibility and black hole expenditure (New) Reviewing the rules on deductions for the costs related to undertaking feasibility studies and other possible black hole expenditures. Income tax GST on imported low value goods (New) Working with the New Zealand Customs Service to support the development of a regime to collect GST on low value imported goods. Consumption tax Employee share schemes – deferral regime for start-up companies (New) Design of a deferral regime, whereby start-up companies may defer the payment of tax on employee share schemes to a future point in time when the valuation and liquidity problems are not as pronounced. Income tax International tax and base erosion and profit shifting (BEPS) Project Description Regulatory system Hybrid instruments and entities Consideration of foreign hybrid instruments and entities in the context of BEPS. Income tax Double tax agreement (DTA) work programme New Zealand is seeking to establish new and updated double tax agreements with a number of countries, including Norway, China, Korea, Slovak Republic, Portugal and Fiji. Income tax Automatic exchange of information Domestic implementation of a new global standard on the automatic exchange of financial bank account information with treaty partners. Information sharing Interest limitation Consideration of New Zealand’s interest limitation rules in light of OECD recommendations. Part of the BEPS Action Plan. Income tax Multilateral instrument As part of the BEPS work, we have signed a multilateral instrument that simultaneously amends the double tax agreements of participating countries. The amendments to DTAs will address certain aspects of the BEPS project that have a treaty dimension, for example: treaty shopping and permanent establishment avoidance. Income tax Foreign disclosures Policy recommendations arising from the Government Inquiry into foreign trust disclosure requirements. Information sharing 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. Income tax
2017-other-regulatory-stewardship.docx