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"
- New Zealand Mandates E-Invoicing for Public Agencies by 2026 to Enhance Efficiency and Transparency
- The Future of e-Invoicing in New Zealand: Peppol, PINT A-NZ and the 2026 Electronic Invoicing Mandate
- New Zealand Clarifies GST Treatment for Accommodation in Newly Constructed Commercial Dwellings
- New Zealand Inland Revenue Clarifies GST Liability and Penalties on Property Disposal for Partnerships
- GST Ruling: Commercial Dwelling Status and Input Tax Deductions for Accommodation Supply
