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New Zealand Releases GST Zero Rate Guide

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

18 October 2017


New Zealand's Inland Revenue has released guidance on zero-rated treatment under the goods and services tax (GST) regime, explaining what goods and services should be subject to a zero rate, how to account for and report such transactions, and special rules.

All zero-rated supplies must be included in Box 5 on the GST return along with a taxpayer's total taxable supplies, and these zero-rated supplies must be detailed in Box 6.

Depending on the circumstances, a zero rate may apply to the following supplies: duty-free goods; land transactions; exported goods; land-acquired by a non-profit body; exported services; refined fine metal; exported vessels (boats and aircraft); restraint of trade (an amount received for agreeing to refrain from carrying on a taxable activity outside New Zealand); financial services; sale of a "going concern"; foreign-based pleasure craft; services performed outside New Zealand; goods not in New Zealand at the time of supply; specialized tools; household goods; temporary imports; imported services; transport of goods to and from New Zealand; internet sales; and the transportation of people to and from New Zealand.

The guidance, published on October 11, adds to guidance published in March 2017 on exempt supplies, and September 2010 on special supplies.

TAGS: compliance | tax | value added tax (VAT) | VAT cross-border transactions | financial services | goods and services tax (GST) | internet | New Zealand | trade | services | VAT compliance matters

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