New Tax Bill introduced
The Minister of Revenue introduced the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Bill (No 2) into Parliament today.
The Bill contains a range of proposed improvements and maintenance measures to ensure the smooth functioning of the tax system, including proposals to:
- set the annual income tax rates for the 2022–23 tax year
- implement the OECD’s information reporting and exchange framework for activities being facilitated by digital platforms in the sharing and gig economy
- collect GST on accommodation and transportation services provided through electronic marketplaces
- reform the GST apportionment and adjustment rules
- clarify the GST treatment of legislative charges
- modernise and clarify the rules for employers and payers in relation to cross-border workers
- ensure New Zealand companies affected by recent changes to Australia’s corporate residency tax rules have uninterrupted access to New Zealand’s loss grouping, consolidation and imputation credit regimes
- address integrity issues with the application of the domestic dividend exemption and corporate migration rules to dual resident companies
- introduce a fringe benefit tax exemption for public transport, and
- introduce an exemption from the interest limitation rules for build-to-rent assets.
For more information, see: