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New Zealand Continuing Tax Reform Push

by Mary Swire, Tax-News.com, Hong Kong

07 March 2016


New Zealand's Revenue Minister, Michael Woodhouse, gave an overview of tax developments in the country during an address at the recent International Fiscal Association Conference.

The Inland Revenue Department said on March 3, following the meeting, that the Minister had noted the agency's efforts to improve tax administration and minimize compliance costs under the "business transformation" program.

"In New Zealand where we have lots of SMEs, compliance costs for SMEs is a particular concern," he said. "So making an improvement here could have a substantial benefit for our economy."

Woodhouse also said that the revenue department is focused on responding to the work of the Organisation for Economic Cooperation and Development (OECD) on base erosion and profit shifting (BEPS).

"There will be a continuing focus on maintaining tax treaties with other countries and co-operation with other countries on a range of tax issues," he said.

He said: "An important example [of this cooperation] is the Automatic Exchange of Information (or AEOI), which is aimed at increasing the transparency of international financial transactions to increase tax compliance and reduce money laundering."

The Minister also said that the country is committed to maintaining and improving its broad-based, low-rate (BBLR) tax regime.

TAGS: compliance | tax | economics | business | tax information exchange agreement (TIEA) | tax compliance | fiscal policy | Organisation for Economic Co-operation and Development (OECD) | New Zealand | BEPS

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