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Tax policy news

Updates to rates for UOMI and FBT on low-interest loans
09 December 2022

Two Orders in Council have been made updating the rates for use of money interest and also for the rate for calculating fringe benefit tax on employer-provided, low interest loans respectively.

The new underpayment rate for use of money interest is 9.21% (previously 7.96%). The new overpayment rate is 2.31% (previously 1.22%). These will apply on and after 17 January 2023.

The new prescribed rate of 6.71% for calculating fringe benefit tax on employer-provided loans applies for the quarter beginning 1 January 2023 and subsequent quarters.

Inland Revenue has published special reports detailing the changes ahead of coverage in an upcoming edition of the Tax Information Bulletin.

Payment services suppliers to provide bulk datasets
18 November 2022

A recent Order in Council will require payment services providers to regularly provide bulk aggregate transactions data from merchants to Inland Revenue. This will help to prevent non-compliance. The Tax Administration (Regular Collection of Bulk Data) Regulations 2022 will come into force on 15 December 2022 and the first reporting period for the regulations will begin on 1 April 2023.

For more information see the Special Report prepared by Inland Revenue.

More News

The Government's property announcements

See the summary page for details about the Government's changes to the taxation of residential investment property (last updated on 31 March 2022).

The new legislation was enacted on 30 March 2022.

Highlights

16 September 2022 – Proactive release of papers relating to the Government's GST on management services supplied to managed funds

08 September 2022 – Tax Bill introduced

19 May 2022 – Budget announced

5 May 2022 – OECD Pillar 2 consultation

Information releases

View the latest information releases available (includes Cabinet papers, minutes, and key supporting papers for tax policy related decisions).

Tax Working Group (2017–2019)

For the terms of reference, news, reports, and other information see the Tax Working Group website. (This site is now archived.)