EY - Tax Watch: Edition 3, 2014

Tax Watch

Edition 3, 2014

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Welcome to Tax Watch

New Zealand’s support for the US crusade against tax evasion by its citizens (the so-called “FATCA” tax law) and MPs clearing their desks before Parliament’s election holiday have led to speedy progress on some long outstanding law changes this month.

The Taxation (Annual Rates, Remedial Matters, and Employee Allowances) Bill is expected to be signed by the Governor General by July 1.

This latest Tax Watch tells you what to expect from the new laws, and when they’re going to apply. Read on for details of:

EY submissions on the proposed changes had a real impact on the end result. We highlight two of our success stories:

  • A better outcome for foreign fishers
  • Extending offshore rules for seismic surveying to also cover electromagnetic surveying

Talk to us if you’d like to see a law change in your industry.

While not in the current Act, we also cover the Budget announcements regarding future R&D tax incentives (yes, they’re coming back!) Details here of course will have to wait until the next Parliament.

The entire tax scene has been as busy as ever in 2014. Our next Tax Watch will round up recent developments – in the field of health and safety, tax avoidance, GST and body corporates, transfer pricing and much more.

For further information on any of the items in Tax Watch, contact your usual EY tax advisor or any of the team featured in this newsletter.

Geoff Blaikie
Head of Tax
Tel: +64 4 495 7399