New Zealand Law Society - Special report on business tax rule change available

Special report on business tax rule change available

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The Department of Inland Revenue has released special reports on measures contained in the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017.

The Act received the Royal assent on 21 February 2017 and comes into force on various dates. It makes changes to the law relating to foreign trust disclosure rules, simplified business tax processes, and measures to implement the G20/OECD standard for the automatic exchange of information.

The IRD says a special report on the changes to foreign trust disclosure rules will be available shortly.

A special report on the simplified business tax processes provides early information on changes to business tax rules contained in the new Act.

IRD has also provided a special report on implementation of the automatic exchange of information standard.