The week's tax news in one handy summary.
New Zealand Tax
- Russell McVeagh reports on the recent High Court decision invalidating an information request issued at request of foreign tax authority
- IRD will read this with great interest | From $290 a week to $4000 a month - boost from joining Airbnb
- Excellent work here from @GarethHVaughan As he notes not only have Visa & Mastercard minimised their NZ tax, they're getting a good deal in Singapore too | Visa & Mastercard's NZ tax dodging
- Wealth of data in report including the eye-popping statistic that Housing New Zealand paid $779m in tax in 2009/10 | Government report finds housing crisis worse than previously expected
- A new R&D Tax Credit regime is on the way so @DeloitteNZ compares the regime cancelled after one year with the Australian system | R&D Tax Credit: reflections from New Zealand and Australia
- I spoke to Mary-Margaret Slack of 95BFM's "The Wire" yesterday about taxing cryptocurrencies. You can hear the interview here
- PAYE $300m and GST $200m ahead of forecast. "Some of this variance can be expected to remain until year end"
Inland Revenue news
- Hmmm. On hold to @NZInlandRevenue and its hold music is stuck on a loop of "Sierra Leone" and "Walking on Life". Okay the first time...
- Be still my beating heart!
- Submissions on proposed solution must be made by 2nd March | Inland Revenue has become aware of an error in the BEPS bill currently being considered by the Finance and Expenditure Committee
- It extends the test from 2 to 5 years & will apply to residential investment properties purchased from the date on which the bill receives the Royal Assent, which is expected in March | SOP extends bright-line test
- This looks to be a very significant work on the current & future state of international taxation & (more) required reading for the Tax Working Group | Tax Sovereignty in the BEPS Era
- Could be interesting. But if you're in New Zealand it'll mean a 5 AM start!
- Time for a carbon tax? Or is the Emission Trading Scheme sufficient?
United States Tax
- Hopefully by 31st March @NZInlandRevenue will have provided some guidance on the taxation treatment of cryptocurrencies
United Kingdom Tax
- No evidence, yet, that something similar happening here. Good pro-active action by HMRC
- Two thirds of these properties are registered to firms in either the BVI or in Jersey, Guernsey and the Isle of Man. Would be interesting to know similar data for New Zealand | Nearly 100,000 properties in England and Wales owned by foreign entities
- EC is concerned post-Brexit UK may use unfair tax competition | European Commission threatens sanctions on UK if no agreement on 'tax good governance' standards
- As 283 MEPs noted, inclusion on the list can be a setback for a burgeoning democracy such as Tunisia | Tunisia and others added to EU money laundering blacklist
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.