Among other changes to the GST, the bill proposes to:
- Confirm that “cryptocurrency assets” (a new tax definition is proposed) will largely be removed from being subject to GST
- Confirm the New Zealand domestic leg of international transportation services can be zero-rated
- Allow all taxpayers to agree a GST apportionment methodology with Inland Revenue (currently, this is only available for larger taxpayers with annual sales over $24 million). The method must fairly reflect the taxpayer’s taxable activity.
Source: KPMG
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