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Tax Watch

Welcome to Tax Watch

An Officials’ Issues Paper released on 15 November proposes changes to the tax treatment of employee allowances and other expense payments made by employers to, or on behalf of, their employees. Payments under the spotlight include meals, accommodation, communication and clothing payments. Read our summary of the options for taxing these payments being put forward. Whether a more fundamental change to general legislation covering tax treatment of employee expense payments is needed is also being considered.

Our third annual global survey of M&A tax trends shows that tax professionals are having to think more strategically about the value tax can deliver in the M&A space. With growing complexity and more tax authority scrutiny, we provide some pointers on how teams are extracting value.

Are you paying too much duty on New Zealand exports to China?  Trade statistics suggest that New Zealand exporters of goods to China are significantly under-utilising the FTA preferential tariffs. We discuss ways to effectively use opportunities under the FTA and not overpay, as well as common stumbling blocks.

We stay with China in our next article, and consider the growth opportunities in technology and the green space. A new report by EY on productivity in China has lessons for New Zealand businesses who are preparing to invest for the long-term. We highlight some critical updates on China’s economy from the report.

GST for non-residents doing business in New Zealand is set to change, with the introduction of a new ‘enhanced GST registration’  designed to reduce GST cost. We highlight the consequences of the proposed amendments.

Transfer Pricing review activity in New Zealand is sophisticated and well resourced. In a separate PDF article, we refer readers to an overview of Transfer Pricing  prepared for the July 2012 issue of the Transfer Pricing International Journal. This is essential reading encapsulating the IRD focus, recent court cases, R&D providers and customs penalties.

Tax Watch in brief  this month covers various developments in legislative policy affecting all of us.  There will be something of interest here for all our readers.

If you require any additional information on any of the featured articles in this newsletter, please contact your usual EY adviser or one of our tax team.

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