The week's tax news in one handy summary.
New Zealand Tax
- About $850 million in the year to June 2018 & that will rise this year | You're paying record GST at the petrol pump
- Plenty to consider in the TWG's interim report including a suggestion that FDR of 5% is too high & that it is considering removal of the comparative value option for calculating FIF income available to individuals & trusts only
- (Para 133 of Appendix B)
- $5.5 billion OBEGAL surplus in part due to Core Crown tax revenue was $4.6 billion more than last year and was higher than the Budget 2018 forecast by $0.7 billion
- GST take up $1.3 billion, 6.7% ahead of JUne 2017 year. PAYE (or "Source Deductions") ahead by $2.1 billion or 7.3% in part due to the effect of rising average tax rates as wages increase ("fiscal drag ")
- Re-upping the article by @coughlthom which prompted TVNZ to contact me for comment
- Very privileged to be part of this fascinating initiative. Yesterday we heard from members of the @taxwgnz which as you might expect prompted an interesting and lively discussion.
- The sentencing shows a clear distinction between the architect of the scheme (Tauber) and the other parties | Tax cheat Mr X remains nameless after IRD fraud
- Quite astonishing to hear that ACC may have overcharged 300,000 business customers. Here's a link to find out if you might be affected
- By way of contrast as at 30 June 2017 the total number of debtors owing tax & child support to IRD was just under 450,000 | Exclusive: Nearly half a million Kiwis owe social development ministry $1.5 billion for loans … via @1NewsNZ
- In case you missed it here's the video of my interview with @jacktame on @Breakfaston1 about the astonishing amount of Child Support and penalties owed to IRD. Unsurprisingly, it's generated a lot of feedback
- A rather rosy view of this issue. A client told me last week of his anger at how he had to prove his identity when opening a new account with a bank he's been with for 11 years | Accountants now need to have money laundering risks 'front of mind'
- Somewhat unfortunate but appropriate typo for a foreign superannuation scheme file...
- Some interesting, as well as expected, comments here from the NZSF | It's an anachronism to have us be taxed'
- On hold with @NZInlandRevenue
- Not sure I'd have "How Bizarre" as hold music
- Called @NZInlandRevenue complaint line on Thursday 11th. Got voicemail promising a return call within "one working day".
- Still waiting....
- Some intriguing statistics here: Germany and Belgium initiated over 500 cases each in 2017, way ahead of the UK (344) and the USA (299). The IRD initiated 14 cases & the ATO 18.
United States Tax
- It can do so where the person owes $51,000 or more | IRS tries to cancel a quarter of a million passports
- Worth keeping in mind when considering the NZ tax system. The PWC reform proposals would adopt several features of the NZ system | 'Australia is in trouble': The plan to fix Australia's tax system
- Something @NZInlandRevenue will need to watch carefully when it rolls out the next stage of its Business Transformation project next April | ATO switchboard numbers spoofed as scammers get more sophisticated
United Kingdom Tax
- The TWG estimated the annual cost of giving tax relief on superannuation contributions at $2bn | UK pension contribution relief again under threat in budget
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.
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