A new double tax agreement with the Slovak Republic has been ratified, as well as an amendment to the existing double tax agreement with Austria. The agreements have been implemented in New Zealand by Order in Council. 

The Minister of Revenue introduced the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Bill into the House today.

Inland Revenue is seeking feedback on the scope of its next long-term insights briefing.

Long-term insights briefings provide information on future trends, risks and opportunities as well as possible policy responses. Inland Revenue is proposing that its next briefing explore what broad structure of the tax system would be suitable for the future, given what we know about long-term fiscal pressures and current tensions in our system. 

The closing date for feedback is 4 October 2024.

See more information below.

Scope of Inland Revenue’s long-term insights briefing

Inland Revenue has become aware of a technical error following changes to simplify the GST adjustment rules in 2023. The error prevents some taxpayers who acquired an asset before 1 April 2023 from using the simplified one step adjustment calculation when there was a permanent change of use of that asset on or after 1 April 2023.

The draft Order in Council, which aims to provide a temporary remedy to the error, is provided for public feedback.  A permanent solution will be included in an upcoming taxation bill.Submissions are due by 12 August 2024. 

Please address submissions to [email protected] with 'Modification to GST adjustment rules' in the subject line.