By Gina Gatchell, Director Introduction Many countries develop and manage their tax policies to influence socio-economic behaviour. N.Z. is one such example. N.Z. has traditionally been slow to prepare its inhabitants for retirement. Other countries have had...
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...
New measures come into effect from 1 November 2016 with respect to the ability of a New Zealand taxpayer to apply tax losses to a shortfall penalty imposed by the Inland Revenue Department. Standard Practice Statement SPS 16/04 enables a taxpayer to elect to utilize...
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 enhancements to tax and...
In the wake of the changes to the way that foreign pensions (including 401-k’s and IRAs) are taxed in New Zealand the Inland Revenue Department (IRD) has recently refined its position with respect to foreign tax credit availability. The way that pension income...
