http://www.taxpolicy.ird.govt.nz/ News about tax policy developments in New Zealand, including new tax legislation and Government discussion documents and publications. policy.webmaster@ird.govt.nz en-nz Inland Revenue Department weekly 2 http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=712 start=2009-11-05 20091105-712-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=711 start=2009-11-05 20091105-711-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=710 start=2009-10-28 20091028-710-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=709 The deemed rate of return for taxing foreign investment fund interests has been set at 9.18% for the 2008-09 income year, down from 10.87% for the previous year. For more information see the media release. start=2009-10-22 20091022-709-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=708 Background papers prepared for consideration at the fourth session of the Tax Working Group were released today. The fourth session, held on 9 October, dealt with corporate taxes and tax integrity. For more information see the papers: "Debt and equity finance and interest allocation rules" (PDF 62KB) and "Company tax issues facing New Zealand" (PDF 410KB). start=2009-10-21 20091021-708-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=707 In his speech to NZICA's 2009 tax conference on 17 October, Finance Minister Bill English explained the Government's economic plan, some of the challenges it faces, and the role that tax policy will play in the recovery. The Government would respond early next year to the options put forward by the Tax Working Group, which is expected to report in December, he said. For more information, see the media statement and speech. start=2009-10-19 20091019-707-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=706 In a speech today to the 2009 NZICA Tax Conference, Revenue Minister Peter Dunne commented on recent tax policy developments and those expected over the next year. Future developments include re-negotiation of DTAs with Canada and the UK, a review of the scope of gift duty, and consultative documents on child support, income splitting, and the second stage of the reform of New Zealand's international tax rules. A bill to be introduced in November will give effect to trans-Tasman portability of certain retirement savings. For more information, see the Minister's speech. start=2009-10-16 20091016-706-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=705 The final in our series of special reports (PDF 319KB) on various aspects of the new legislation deals with changes to strengthen the definitions of "associated persons" in the Income Tax Act. The changes generally come into force in the 2010-11 income year. The changes relating to land transactions generally apply to land acquired on or after 6 October 2009, the date of enactment. Full coverage of the contents of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act will be the feature of a forthcoming "Tax Information Bulletin". start=2009-10-15 20091015-705-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=704 The Taxation (International Taxation, Life Insurance, and Remedial Matters) Act made a number of changes relating to the GST consequences of allocating and trading in emissions units. Our special report (PDF 30KB) outlines those changes, some of which took effect from enactment. start=2009-10-14 20091014-704-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=703 As part of the recently enacted Taxation (International Taxation, Life Insurance, and Remedial Matters) Act, remedial amendments were made to the now-repealed research and development tax credit. The amendments covered in our special report (PDF 32KB) clarify the policy intention of the original legislation, to help claimants who are in the process of calculating their tax credit entitlements for the 2008-09 income year. start=2009-10-13 20091013-703-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=702 Legislation introducing the new voluntary payroll-giving scheme for charitable donations, which comes into effect on 7 January 2010, is part of the recently enacted Taxation (International Taxation, Life Insurance, and Remedial Matters) Act. Our special report (PDF 99KB), published here, explains the tax mechanism for delivering tax credits for payroll donations and offers examples of possible approaches to setting up payroll giving in the workplace. start=2009-10-13 20091013-702-PADIRD Policy Advice Division, Inland Revenue Department News http://www.taxpolicy.ird.govt.nz/news/archive.php?year=&view=701 The recently enacted Taxation (International Taxation, Life Insurance, and Remedial Matters) Act introduced new rules for the taxation of foreign companies controlled by New Zealand residents and for foreign dividends received by New Zealand companies. The new rules apply for income years beginning on or after 1 July 2009. A special report has been compiled to help affected taxpayers and their advisors understand the consequences of the changes, in advance of the publication later this year of an article in the "Tax Information Bulletin". For more information see the special report, "New rules for taxing controlled foreign companies and foreign dividends" (PDF 528KB). start=2009-10-13 20091013-701-PADIRD Policy Advice Division, Inland Revenue Department News