The week’s tax news in one handy summary.
New Zealand Tax
- Some valid points raised but I can’t see assets acquired pre-introduction being excluded. Australia did this & it’s widely regarded as a mistake | Accountants call for changes in capital gains tax draft
- Will be interesting to see what the TWG says on this crucial issue | Andrew Coleman probes whether New Zealand’s productivity performance has been adversely affected by the way capital income is taxed
- I was on @Breakfaston1 talking about this with Hayley Bolt. My answer was yes. And soon.
- Indeed. There will be much special pleading ahead. Incidentally, those capital transactions which are taxed now (such as the bright-line test) are taxed at the full rate | Brace yourself – the capital gains tax debate is about to go nuclear
- I discussed this @Breakfaston1 yesterday. A major shake up is needed & is long overdue | $70,000 no longer the benchmark for ‘high earning’, critics say
- A quick heads up that I will be talking about this with @wallacelchapman on @ThePanelRNZ this afternoon
- Here’s a little more on the issue of tax rates and thresholds | Low and middle-income earners ‘deserve tax break too’
- So what did you do this morning? Fiscal Drag is a growing issue for the government #nztax #terrybaucher #tax #WhileYouWereSleeping
- Here’s the audio from my discussions with @ThePanelRNZ yesterday afternoon. @wallacelchapman asked about a financial transactions tax something which pops up regularly but was rejected by the TWG in its interim report for much the same reasons as I stated
- Err not quite, but the headline demonstrates the politics behind the move. That said automatic threshold adjustments would be a good move in my view | National promises three-yearly income tax cuts in first major speech of 2019
- A slightly misleading headline – this is the estimated one-off cost of adjusting thresholds for inflation since 2010 | The $1.7bn ‘stealth’ tax grab – work out how much ‘extra’ tax you have been paying?
- This week I’ve spoken to three separate news outlets about indexation so here’s a recap on how the last National government used inflation & other measures to increase its tax take
- Fairly routine case of tax evasion highlights the issue of how effective penalties & interest are beyond a certain point | Christchurch businessman on tax evasion charges faces bill of $1.3m
- The TWG’s final report will be released on 21st February | Government may wait until April before deciding on capital gains tax
- Here’s @JeneeTibshraeny with more on the change to the bright-line test | Investors to benefit from proposed clarification of bright-line test rules
- IR wants everyone to use digital channels, but ducked the issue of its responsibility if fraud occurs when I raised it in a submission to the Finance & Expenditure Committee | Always use IR secure channels to update bank details
United Kingdom Tax
- The witch’s curse is a new one. Deserves marks for originality! | HMRC reveals some of the most bizarre excuses it has received for not paying on time
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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