Tax policy news

The Minister of Revenue today released a Supplementary Order Paper to the Taxation (Annual Rates for 2022—23, Platform Economy, and Remedial Matters) Bill (No 2). The SOP mainly proposes some urgent measures in response to the recent flooding in the North Island.

The Bill awaits its Committee of the whole House stage.

For more information see the SOP and the Disclosure statement.

Two Orders in Council have been made:

• Tax Administration (Research and Development Tax Credit Deadlines for Taxpayers Affected by Weather Events) Order 2023

Deadlines for filing an approval application or supplementary return which fell between 26 January 2023 and 7 March 2023, have been extended until 31 March for taxpayers significantly affected by adverse weather events.

• Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2023

The new prescribed interest rate of 7.89% for calculating fringe benefit tax on low-interest employment-related loans applies for the quarter beginning 1 April 2023.

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

An update to New Zealand's existing list of 97 reportable jurisdictions was made on 27 February 2023 to include Jamaica.

Jamaica will be a reportable jurisdiction for reporting periods beginning on or after 1 April 2023.

Inland Revenue has published a special report ahead of coverage in an upcoming edition of the Tax Information Bulletin.

The Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Bill (No 2), introduced on 8 September 2022, was reported back to Parliament on 2 March 2023.

For more information see:

• the Bill as reported back
• the Finance and Expenditure Committee’s report on the Bill, and
• the officials' report on submissions received on the Bill.