Releases | Page 2 | Hon Judith Collins

New foreign trust webpage

Revenue

Wed 29 Mar 2017

Revenue Minister Judith Collins today welcomed Inland Revenue’s new webpage to help trustees of foreign trusts comply with the new disclosure rules. “Foreign trusts now have to provide significantly more information than in the past. The webpage has all the information on the new rules and includes the forms which trusts need to complete in order to be registered by 30 June 2017. ...

Bill to improve and strengthen tax rules passes

Revenue

Thu 23 Mar 2017

A Bill to improve and strengthen the tax rules passed its third reading today, Revenue Minister Judith Collins says. “Building a more competitive and productive economy for New Zealanders is a priority for this Government. “Making sure that the tax rules keep up with social and economic changes, as well as current business practices, is a vital part of a well-functioning economy. ...

Renewables continue upwards, greenhouse gases fall 35 per cent

Revenue

Thu 23 Mar 2017

The amount of electricity generated from renewables in New Zealand grew to 88 per cent in the three months to December 2016, building on increases seen in previous quarters, Energy and Resources Minister Judith Collins says. “The result, released today in the latest New Zealand Energy Quarterly, shows the highest level of renewable electricity generation in 20 years. It demonstrates New Zealand is continuing to make the most of its ample renewable resources such as hydro.”

Tax relief for flood damaged farm

Revenue

Thu 16 Mar 2017

Revenue Minister Judith Collins today welcomed Inland Revenue’s decision to exercise discretions on income equalisation for farmers who are significantly affected by the recent flooding around the Franklin Ward, Hauraki District and Thames- Coromandel District. “This step will help provide relief for those famers by giving them an option to help address the financial consequences of the flooding,” Ms Collins says. ...

Address to the Employers and Manufacturers Association annual payroll conference

Revenue

Thu 9 Mar 2017

Good morning and thank you for inviting me to your 20th Annual Payroll Conference. It is a pleasure to be here. You’ve asked me to talk about how Inland Revenue’s ‘Making Tax Simpler’ is progressing and how advice and feedback from payroll professionals like yourselves shaped the proposals in the forthcoming Bill. I’ll talk to you about the current PAYE proposals- what they cover, how they’ll be implemented and how we used your feedback in their development.

Three BEPS consultation documents released

Revenue

Fri 3 Mar 2017

Finance Minister Steven Joyce and Revenue Minister Judith Collins have released three consultation papers proposing new measures to strengthen New Zealand’s rules for taxing large multinationals. “Our broad-based low rate tax system continues to perform very well for New Zealand overall,” Mr Joyce says. “However it’s important that it keeps evolving to ensure that all companies operating in New Zealand pay their fair share of tax.”

Address to International Fiscal Association Conference

Revenue

Fri 3 Mar 2017

Thank you for inviting me to open your conference. It is a pleasure to be here. I haven’t been in the Revenue portfolio very long but I have learned very quickly how important this grouping of professionals is to the success of our tax system. Your professional advice provided in analysing policy proposals and suggesting improvements makes your contribution invaluable. I take over the Revenue portfolio at a significant point for our economy and for the tax system.

Three BEPS consultation documents released

Revenue

Fri 3 Mar 2017

Depreciation rollover relief for quake victims

Revenue

Tue 21 Feb 2017

Businesses in the upper South Island and Greater Wellington areas hit by last year’s earthquake and aftershocks will be able to replace assets lost in the earthquake without immediately incurring a tax bill, Revenue Minister Judith Collins said today. A Supplementary Order Paper to the Taxation (Annual rates for 2016-17, Closely Held Companies, and Remedial Matters) Bill released today by Ms Collins provides roll-over relief for depreciation recovery. ...

Tighter foreign trust rules, simpler business tax Bill passes third reading

Revenue

Tue 14 Feb 2017

A Bill that tightens the foreign trust disclosure rules, simplifies tax processes and reduces or eliminates use-of-money interest for most business taxpayers passed its final stage in Parliament today. “The new legislation tightens the disclosure rules for foreign trusts as recommended by the Shewan Inquiry,” says Revenue Minister Judith Collins. “It also includes measures to implement the G20/OECD standard for the Automatic Exchange of Information, to help detect and prevent tax evasion globally” she says.

Tax relief for farmers affected by Northland drought

Revenue

Fri 3 Feb 2017

Revenue Minister Judith Collins today welcomed tax measures announced by Inland Revenue to help farmers affected by the Northland drought. Inland Revenue will allow farmers to make late income equalisation deposits from the 2016 income tax year and to apply for early refunds. This allows farmers to average their taxable income over several years more easily. Ms Collins says that this would mean that farmers will be able to better plan their financial response to the drought conditions.