The week's tax news in one handy summary.
New Zealand Tax
- A lot less cheeky than the highly onerous obligations the United States foisted on the world with the FATCA legislation.
- Why not? Nash said that he would not be allocating extra resource to IRD to help it enforce compliance and collect the tax. | Up to half of sites may avoid 'Amazon tax'
- This is very encouraging to see. The TWG and its secretariat are going to be busy!
- Not convinced by the concept of Tax Freedom Day but the point about bracket creep is very valid | Tax Freedom Day: Now you're working for yourself
- Not only evaded tax but claimed working for families credits as well | Tax evading Hamilton tradie gets nine months’ home detention after tip-off
- Based on the TWG Submissions Background Paper the banks possibly pay as much as half of all the $4 billion tax paid by overseas multinationals | Big banks rake in nearly $2b in cash profits
Inland Revenue news
- Submissions on these proposals close on 29th June | GST on imported low-value goods proposals launched
- A reminder that the final provisional tax instalment for the 2018 income year is due on 7th May
- Some interesting sessions from the #ITRasiataxforum n Singapore, one of which involved @NZInlandRevenue suggesting it would need to rewrite the transfer pricing regulations
- Latest @NZInlandRevenue update on the progress of its Business Transformation project. Some early feedback from other tax agents indicates a few teething problemshttps://t.co/VTYCSsjyUG
- Useful move although there are some teething problems still with having to re-enter details for previously linked clients. Wonder if any non-CA tax agents were involved | Inland Revenue calls on CAs for help
- Just in case you'd forgotten...
- The TWG background paper was surprisingly silent about this issue which reflects a degree of complacency about the topic | IRD missing out on $1 billion in tax from unreported income
- The proposal is for a 7% VAT on crypto | Thailand Reveals Tax Rates for Cryptocurrency Trading, Investments
United Kingdom Tax
- Very significant development - the 4th & 5th EU AML directives want to see similar disclosures | 'Dirty money': U-turn as Tories back plans to make tax havens transparent
- Unsurprising - the ramifications are enormous | British Overseas Territories will fight orders to open up beneficial ownership registers
I follow interesting tax news stories from around the world and share them on Twitter.
These are a selection of our best tweets from the previous week.