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
Latest Posts in "New Zealand"
- GST Liability on Deregistration for Property Sales
- New Zealand Government Proposes GST Amendments in Taxation Bill
- National Won’t Rule Out GST Hike, Sparking Cost of Living Fears
- New Zealand GST Rules for Offshore Sales, Marketplaces, and Financial Services
- GST Consequences of Company Amalgamation and GST Grouping
