22 June 2016 New Zealand enacts legislation regarding employee share scheme benefits Legislation has recently been enacted which will allow employers to choose to withhold tax under the PAYE rules on employee share scheme (ESS) benefits. In addition, employers will be required to disclose details of ESS benefits to the Inland Revenue Department in their monthly payroll reporting, irrespective of whether the PAYE rules have been applied. The changes apply from April 1, 2017, however, they will have retrospective effect from April 1, 2008, and as such employers could elect to withhold PAYE now. A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details. Document ID: 2016-1084 |
