The week's tax news in one handy summary.
New Zealand Tax
- The rebates are controversial but arguable that film industry wouldn't have developed as strongly without them | Peter Jackson's Mortal Engines gets extra tax rebate for economic boost
- What will the new Government do about tax?
- I was part of a group which raised this issue with then Minister of Revenue Peter Dunne 5yrs ago. IMO it is a sly piece of over taxation | Grant McLachlan: Delayed ACC payouts are taxed too high
- Leicester Gouwland questions the current compliance intensive entertainment deductibility rules & suggests a treatment similar to that for legal fees | Should Govt foot the bill for your Xmas party?
- It's the last post from Let's Talk About Tax NZ because Andrea Black has been appointed as the tax working group's independent advisor. An excellent choice even if it means we'll miss out on her witty and informative takes on tax.
Inland Revenue news
- Families Package Bill passed. Now awaiting Royal assent. Changes to family tax credits effective 1 April 2018 with the package fully effective from 1 July 2018
- If you're on hold to @NZInlandRevenue it appears Coconut Rough's 'Sierra Leone' is stuck on repeat
- Inland Revenue have now released a supporting document to the Briefing for the Incoming Minister 'The New Zealand tax system and how it compares internationally'
- Tax Working Group members announced
- New @NZInlandRevenue initiative tackles cash jobs with some scary facts about its powers of investigation | If you reckon cash jobs don’t leave a trail, think again
- Inland Revenue probably doesn't receive many Christmas presents but it gets its fair share of the Christmas cheer
- Apparently moving to taxing sales on a country-by-country basis won't raise much tax for those jurisdictions | 2017 was a bad year for Facebook. 2018 will be worse
- The capabilities of each cryptocurrency is likely to be a key determinant in its income tax treatment | Forget Bitcoin, Blockchain technology is much bigger
- Consultation on this OECD initiative open until 15th January | Tax authorities will share identities of CRS avoidance scheme users
- There are over 1400 bilateral relationships now in place for the automatic exchange of country-by-country information starting in June next year
United States Tax
- Interesting commentary on the difference between being "rich" & "wealthy" & maybe it's time to tax wealth more
- Let's Talk About Tax NZ uses the engagement of Harry and Meghan Markles to talk about the US tax system. It's a doozy | When Harry met FATCA
- It seems the Tax Cuts and Jobs Act is about to get passed. For a supposedly dramatic overhaul of the US tax code 468 pages of legislation doesn't seem a lot
- The process was, to put it mildly, poor so none of this should be a surprise | Let the games begin: American business has concerns on tax reform
United Kingdom Tax
- By contrast this year's routine Finance Act in the UK runs to 674 pages
- Probably applicable from sometime in 2019 | UK economic crime strategy includes beneficial ownership register for overseas property companies
- Not heard of this rather creative scam from the UK happening her in New Zealand. Yet.
- The 4th AML directive as applied by the UK has potentially significant implications for beneficiaries of NZ trusts resident in the UK | EU reaches agreement on 4AML directive amendments
- Wild guess here, but Ikea's tax affairs rather better put together than its furniture | Ikea's tax affairs to be investigated by the EU
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.