The week's tax news in one handy summary.
New Zealand Tax
- It is easier, but whether it's fairer is a different issue.
- Hannah makes a good point tax is a factor but the fundamentals about investment are what's important | Capital gains tax would not hold back property investment
- The dramatic headline does Mark's point a disservice | Mark Lister: Capital gains plan a 'massive step backwards'
- Spending threshold lowered to $50,000 which is a big plus | Tax break for R&D upped to 15pc, with stop gap help for start-ups
- However, as @lancewiggs notes still some issues about the accessibility of the credit
- For more on why the TWG rejected GST exemption on food see the first half of my most recent article
- More here from @David_EY_tax about yesterday's R&D tax incentives | $1 billion up for grabs in research & development tax incentivesj
- Top work here from @JesseMulligan | At war with angry #nzpol Twitter on the need for a capital gains tax
- Excellent reminder by @JeneeTibshraeny on the perils of getting your prescribed investor rate wrong | How you could be under or over-taxed without knowing it
- As quoted here I've been saying for years the present child support penalty regime is absurd and self-defeating | Billions owed in child support penalties
- Interesting commentary here from @NZInlandRevenue Tony Morris on IRD's use of data | let’s bust the myth about robot tax investigators
- Amidst the interest over the TWG interim report this might get overlooked. Submissions close 30th October | Government consults on extending IRD information sharing with SFO and Customs
- Extraordinary story | Fan Bingbing: missing Chinese actor hit with $129m tax bill
United States Tax
- As Denis Healey remarked "The difference between tax avoidance and tax evasion is the thickness of a prison wall" | Trump helped parents hide money on tax returns: New York Times
- I am very underwhelmed to see that after FATCA imposed huge compliance costs worldwide the IRS doesn't have the resources to process the information it's receiving | After budget cuts, the IRS’ work against tax cheats is facing “collapse”
- The TWG didn't consider this issue but rejected proposals for GST exemption on food, so it may well have also rejected this Australian initiative | 'About bloody time': Australia scraps tampon tax
- The TWG seems luke-warm on the idea of a Tax Ombudsman but I believe it's needed for much of the reasons set out here | ATO's Chris Jordan has 'too much power', tax watchdog warns
United Kingdom Tax
- Interesting to see the UK (& Australia) continue to make use of a tax abolished 20 years ago in NZ & not even mentioned in the TWG's interim report | UK to impose stamp duty surcharge on non-resident property buyers
- Somewhat surprised that this isn't in force already. NZ has a NZD10,000 limit | Cash-control regulation adopted by European Union
I follow interesting tax news stories from around the world and share them on Twitter.
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