11 May 2016 New Zealand introduces wide ranging corporate tax reforms New Zealand's Minister of Revenue Michael Woodhouse introduced the Taxation (Annual Rates for 2016-17, Closely Held Companies and Remedial Matters) Bill (the Bill) on May 3. The Bill proposes wide-ranging changes to technical aspects of the New Zealand tax system. The measures include reforms to the taxation of closely held companies, an overhaul of New Zealand's nonresident withholding tax and approved issuer levy regimes and a long-awaited clarification of the treatment of debt remission. Changes will mainly apply from income years beginning April 1, 2017 onwards. The Bill will now progress to a Parliamentary Select Committee for further review and consultation. Document ID: 2016-0842 |
