- Inland Revenue released Interpretation Statement IS 26/02 on GST treatment for payment processing or facilitation services to merchants.
- Applies to entities like payment service providers, buy now-pay later providers, and payment technology suppliers.
- Provides a framework to determine if services to merchants are financial services.
- Supplies involving settlement services are considered financial services and are GST exempt or zero-rated.
- Explains how to determine if there is a single or multiple supplies, which may have different GST treatments.
Source: taxathand.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.
Latest Posts in "New Zealand"
- GST Registration for Directors and Board Members Through Personal Services Companies
- GST Treatment of Directors’ and Board Members’ Fees: Summary of Public Rulings 26/01-26/03
- France’s E-Invoicing Reform: PPF, Peppol, and Mandatory E-Reporting
- Mandatory Peppol E-Invoicing for Large Government Suppliers from 2027
- Mandatory B2G e-invoicing in New Zealand is coming
