Business transformation means exciting time for tax
The Taxation (Annual Rates for 2016-17, Closely Held Companies, and Remedial Matters) Act is now law.
The new legislation will, according to Revenue Minister Judith Collins, “give taxpayers more certainty over their tax affairs by dealing with inefficiencies and complexities that have occurred over time”. It “should result in lower compliance costs for businesses.”
Much of the new law will improve our tax system. But no legislation is perfect. As always, we have some concerns.
In this edition, we explain:
- Relief for related party debt remission
- Expansion of the non-resident withholding tax regime and related changes to the approved issuer levy
- Simplification for look-through companies
- Various changes to the GST rules
- Clarification of the tax treatment of aircraft overhaul expenditure
- Clarification of the FBT rules for group life insurance policies