NEW ZEALAND TAX
- Most interesting part of this article is the revelation about Mike Shaw’s submission | Cullen’s capital gains tax comments could turn the tax into a game for business
- TWG view is “If the Government wishes to reduce the consumption of sugar across the board, then a sugar tax is more likely to be an effective response” | Sugar industry’s fight against tax takes tips from tobacco’s playbook
- Here’s @PwC_NZ take on the new tax bill | Tips Alert: New Zealand’s new GST collection model for low value imported goods
- Not sure why Landcorp shouldn’t have submitted to the TWG, tax would be a significant issue for it. Landcorp’s submission is here
- Landcorp apologises for not telling minister of tax submission
- This is a welcome initiative which should take a lot of the stress out of dealing with underpayments
- The intriguing thing about this story is how this situation was allowed to develop. There are similar problems with Child Support and income tax in general | Inland Revenue loses track of thousands of Kiwi student loan debtors in Australia
- Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Bill introduced into Parliament. Mostly deals with GST on imported goods but also has ringfencing rules for residential property losses
- Interesting to see that the comments so far on this are overwhelmingly in favour | Ring-fencing rental losses to cost property investors $190m a year
- Some interesting data here. By June 2018 an estimated 93 billion euros of additional tax, interest & penalties had been collected as a result of voluntary compliance & offshore investigations initiated since 2009. Seems low relative to compliance costs.
- These are the preliminary numbers for 2017. New Zealand’s tax revenue as a percentage of GDP was 32% below the OECD average of 34.2%
- The TWG’s interim report recommends a simpler tax disputes process and this Australian initiative looks interesting in that regard | Small business tax disputes made easier
UNITED KINGDOM TAX
- Surprising such an action was questionable in the UK. There is no doubt that Inland Revenue can do this given its powers under section 17 of the Tax Administration Act 1944 HMRC can examine taxpayers’ personal bank account statements
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