Welcome to Tax Watch Edition 4, 2014
Welcome to Tax Watch
Business is transforming. Multiplying laws, risks, uncertainty and information overload make the tax leader’s role ever more demanding.
Tax Watch Edition 4 shines a light on the breadth of that transformation
- Following Pike River, health and safety matters more than ever. All company officers face a step change in health and safety duties.
- Inland Revenue’s increasingly hard line is putting corporate debt fix ups under the avoidance gun. Is it losing the plot?
- It’s sprung a leak on GST as well. The proposed exemption for bodies corporate just doesn’t stack up.
- Don’t underestimate customs audits. An Airline v Chief Executive of the New Zealand Customs Service provides a cautionary tale.
Both business and Inland Revenue see the need to adapt
- EY’s 2014 Global Tax Risk and Controversy Survey shows that New Zealand companies are experiencing tax risk on a scale seen never before
- Inland Revenue’s looking to a digital, mobile future. It’s changing from top to bottom. “Everything is on the table”, says Minister of Revenue Todd McClay
- Last post for the Rewrite Advisory Panel
In transfer pricing news
- Market support payment remains under Inland Revenue scrutiny
- The administrative concession for low value loans now extends to $10 million
- OCED work leads to more compliance pain for financial institutions
- Inland Revenue revises its position on GST for hire firm security deposits
- Tax Watch in Brief rounds out recent developments
Tax will be an election issue. The next Tax Watch will cover the big parties’ plans. Vote EY.
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.