Inland Revenue has launched consultation on policy proposals to address an aspect of New Zealand’s foreign investment fund rules. By imposing tax on unrealised income the current rules could be deterring some people from choosing to settle in New Zealand. The proposal suggests allowing some migrants to pay tax on dividends and realised gains.  

Inland Revenue recently sought feedback on the scope of its next long-term insights briefing.

We have now published a summary of the submissions we received on the consultation and confirmed the scope of our topic. We are also releasing copies of the submissions we received.

At a conference for the Young International Fiscal Association last night, the Revenue Minister Simon Watts announced the Government’s tax and social policy work programme. The work programme is designed to support rebuilding the economy and improving fiscal sustainability by simplifying tax, reducing compliance costs, and addressing integrity risks. The work programme is intended to be updated and added to over time.

The Government is seeking public feedback on a proposed approved information sharing agreement (AISA) between Inland Revenue and the Ministry of Business, Innovation and Employment (MBIE). The AISA would allow Inland Revenue and MBIE to share prescribed information with the other agency for the benefits outlined in the discussion document.

Public views are sought on a proposed temporary remedy to an error in recent FamilyBoost tax credit legislation. The error affects people who receive schedular payments and incorrectly includes this income in the FamilyBoost income calculations before allowing for claimable business expenses. This would result in a person receiving less, or no FamilyBoost payment.