Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Consultation on tax changes for NZ-based trusts

More time for consultation on tax changes for NZ-based foreign trusts


The Government is to consult further with the foreign trust industry before proceeding with legislative changes that will impose new information requirements on foreign trusts set up in New Zealand, Revenue Minister Michael Cullen announced today.

“Amending legislation is now planned for introduction next year, to allow adequate time for policy development,” Dr Cullen said.

The Government announced in July that it would introduce legislation in November requiring foreign trusts set up in New Zealand to provide certain information to New Zealand tax authorities. This is designed to ensure New Zealand meets international commitments to the full disclosure of information with other tax jurisdictions.

However, as a result of submissions received following the July announcement Dr Cullen said it was clear more time for policy development was necessary.

“It is important that the new legislation strikes the right balance between enabling New Zealand to meet its international commitments to exchange tax information, and having information requirements that are appropriate to and workable for the many foreign trusts based here,” Dr Cullen said.

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

PM's Press Conference: Pike Re-Entry Agency

At today's post-cabinet press conference Prime Minister Jacinda Ardern was joined by Minister Responsible for Pike River Re-entry Andrew Little to announce plans for the new agency for re-entry of the mine.

The Pike River Recovery Agency, Te Kahui Whakamana Rua Tekau ma Iwa, will be officially established on 31 January 2018 and will work with the Pike River families with the intention of manned entry of the drift before March 2019. More>>

 

Foreign Affairs: Patrick Gower Interviews Jacinda Ardern

Prime Minister Jacinda Ardern says discussions have already begun on how to bring climate change refugees into New Zealand under a Pacific seasonal employment plan... More>>

ALSO:

Gordon Campbell: On The Centre Right’s Love Of ‘Nanny State’

You’d almost think it was 2005 again. That was a time when the rugged individualists of the centre-right were being beset by government regulations on the nature of light-bulbs, the size of shower heads, the junk food available at school tuck shops and other such essentials... More>>

Speaking Of Transport: Public Engagement On Wellington Scenarios

“Our work on possible solutions for Wellington’s transport future is ongoing, but has progressed to the stage where we’re ready to share our ideas with the public and seek their feedback to help guide our next steps...” More>>

ALSO:

Parental Leave: National's Time-Sharing Change Fails

National has proposed a change to the Parental Leave and Employment Protection Amendment Bill that would allow both parents to take paid parental leave at the same time, if that is what suits them best. More>>

ALSO:

Train Free Thursday: Workers Strike To Defend Terms Of Employment

"They signed up to these conditions a year ago when they got the contract for Wellington's rail services. Now they're trying to increase profits by squeezing frontline workers." More>>

ALSO:

Seclusion: Ombudsman Emphasises Importance Of Monitoring

Disability Rights Commissioner Paula Tesoriero says that while there have been changes to the Education (Update) Amendment Act 2017 to prohibit the use of seclusion, the report is an important reminder of the importance of regular monitoring of schools. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election