CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. New Zealand's Tax Simplification Bill Passes First Reading

New Zealand's Tax Simplification Bill Passes First Reading

by Mary Swire,, Hong Kong

14 October 2015

The New Zealand Government has announced that a bill to establish a simpler and more modern tax administration system passed its first reading in Parliament on October 13, 2015.

Revenue Minister Todd McClay said that changes proposed in the Taxation (Transformation: First Phase Simplification and Other Measures) Bill are part of the staged roll-out of Inland Revenue's Business Transformation program, which, over time, will reform the department's business practices and modernize the tax system.

"The bill includes measures to help prepare the way by removing some of the current legislative obstacles towards making New Zealand's tax administration simpler and more certain for taxpayers," McClay said. "That includes proposals that will allow modern electronic communication technologies to be used in place of current paper-based requirements for certain Inland Revenue communications with taxpayers and tax agents."

"Other measures are aimed at simplifying the tax rules to make taxpayers' lives easier, such as making the current rules for employee share schemes less onerous for employees participating in those schemes," the Minister said. "Further provisions, such as changes to allow earlier tax refunds for taxpayers with personal tax summaries that meet the automatic refund threshold, are intended to refine certain interactions between Inland Revenue and taxpayers, make them more efficient, and deliver better service to taxpayers."

"These and other measures proposed in the bill will help open the way for a modern tax administration system that will make it easier for people to get their tax right," McClay said.

The bill has now been referred to the Finance and Expenditure Committee for consideration and public consultation.

TAGS: compliance | Finance | tax | business | tax compliance | share schemes | employees | New Zealand | tax reform | Other | Tax

To see today's news, click here.


Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »

Stay Updated

Please enter your email address to join the mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.

To manage your mailing list preferences, please click here »