Globally, there has been a noticeable increase in countries preparing for country-by-country (CBC) reporting pursuant to the OECD's BEPs Action Plan ('Plan').   Action 13 of the Plan: Country-by-Country Reporting covers these recommendati… Read More

Like New Zealand, the United States' penalty framework aims to encourage voluntary compliance by taxpayers with all aspects of tax administration including: filing accurate and truthful returns on time, and; paying tax on time. The Internal… Read More

In New Zealand, if you understate your income tax in your tax return, you may be subject to a shortfall penalty.  The shortfall penalties are as follows: Not taking reasonable care:         20%  … Read More

Whilst New Zealand is underway with revamping its tax rules around employee share schemes, the United States has a well-defined framework for the tax treatment of such schemes, including stock options. Employee stock options in the United States fal… Read More

It is interesting to observe the Inland Revenue Department's policy programme, which is currently focussing on three key areas:   1. Business transformation; 2. BEPS and international tax reform; and 3. further improvements and enhancement… Read More