The New Zealand government has standardised the withholding tax applied to independent contractors employed on film, television and video productions at a rate of 20%.
The move was announced by Finance Minster Michael Cullen, who stated on Monday that the new rules will be in place from September 8 this year, following approval by Order in Council earlier this week.
"Then, if not enough tax has been deducted, the contractors make up the difference," Dr Cullen explained in a statement. "If too much has been deducted, they receive a refund," he added.
The Finance Minister observed that the standardisation of the withholding tax will simplify tax administration, and claimed that the move has been broadly supported by the film industry. Under current rules, rates vary from 20% for entertainers to 25% for some independent contractors.
A comprehensive report in our tax shelters series describing tax-effective regimes for film production in a number of key countries is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop
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