The week's tax news in one handy summary.
New Zealand Tax
- The issue here is the lack of a comprehensive approach to taxing capital. Investors in overseas shares or pension schemes aren't "speculators" but are taxed. How "fair" is that? | Scott Mason: Non-speculators caught in 5-year Bright-Line Test
- A bit of an understatement by Matt. It is a major change. Letter doesn't have any details as to how much revenue will now be booked in New Zealand. Watch this space.
- David speaks a lot of sense about the mess created by scare tactics for short term political gain | David Hargreaves sees trouble ahead with the extension of the so-called 'bright line' test on property transactions
- "A key issue is whether the new structure yields a great deal more tax but it certainly allows authorities a more transparent vista" Craig Elliffe on the mark
Inland Revenue news
- Hearing some comments from tax agents that these changes may not fully factor in the tax agent's role.
- IRD would do well to read the opening thread of comments about the practical intent test | Neither Treasury nor the IRD sold on extending the bright-line test
- Good that such blatant evasion has been caught & punished. Would be good if detected earlier
- The Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Bill, introduced on 6 April 2017, was reported back to Parliament
- Good to see that department is under budget with Business Transformation. Remain sceptical about projected staff cuts. A lot riding on the next stage in April | Inland Revenue has foot on two stepping stones
- OECD's director of tax policy Pascal Saint-Amans makes a key point here. Co-ordination of tax policy will be critical
- Some interesting data here, yet more information for the tax working group to consider
- At 96.5 Euro per tonne of CO2 New Zealand is at the lower end of the scale
- Somehow NZ not included in this report but some interesting snippets including: 18 countries allow unlimited carry-forwards; 9 countries provide carry-backs; 8 countries limit the amount of tax losses which can be offset in any given year
- This extreme example of EMTR is from Australia but some families in New Zealand will face the same problem
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.