- New Zealand Inland Revenue opened a consultation on withholding tax and GST treatment for board-related fees.
- Withholding tax rate for board member fees is 33 percent, with some exceptions.
- Tax credits may be available for withheld taxes to offset total tax liability.
- Reimbursements for expenses incurred by members are not subject to withholding tax.
- Some board member fees may not be considered taxable income.
- GST treatment of board member fees is addressed.
- Comments are due by May 28.
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
