Inland  Revenue Issues IS21/09 on how to claim foreign tax credits

Inland Revenue Issues IS21/09 on how to claim foreign tax credits

By Gina Gatchell, Director Inland Revenue recently expanded its guidance on claiming foreign tax credits for overseas tax paid. Interpretation Statement IS 21/09 Foreign tax credits – how to claim a foreign credit was issued on 22 December 2021 and sets out how to...
US Tax Reform Started by Trump Administration

US Tax Reform Started by Trump Administration

Highly anticipated tax reform under the Trump administration has been kick-started. On November 16 a bill was passed by the House containing many changes to both individual and corporate taxation. Changes include: Increase in the standard deduction from $6,350 to...

OECD’s Annual Revenue Statistics – Global Tax

New Zealand is listed as one of the heaviest taxing countries in the OECD’s annual revenue statistics report, which covers the OECD countries. Of New Zealand’s tax revenues, 59.6% are collected from individuals and corporates, second only to Denmark (59%)....

Tax Extenders Affecting 2015 U.S Tax Returns

The tax extenders were passed in the Protecting Americans From Tax Hikes Act (Act) early in 2016, and consisted of permanent, five-year, and two-year extenders. These provisions are estimated to cost U.S. $629 billion over ten years, and came as a welcome relief after...

State Sales Tax and Income Tax Nexus

Frequently we engage with New Zealand businesses on the topic of liability to state sales tax and state income tax.  When engaging in a trade or business within the United States it is not too long before these thorny issues arise. The gravity that an organization has...
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