Legislation that would revise the rules for “pay as you earn” (PAYE) and certain investment income information reporting has advanced.
The bill—Taxation (Annual Rates for 2017-18, Employment and Investment Income, and Remedial Matters)—has been reported back from the “Select Committee.” The Select Committee’s changes were incremental and appeared to improve and clarify the operation of various rules, including a measure allowing additional time for reporting of certain employee benefits.
The bill would implement new rules for reporting PAYE and investment income information to the Inland Revenue Department. It also includes new measures for determining the taxation of employee share scheme benefits. Read TaxNewsFlash-Asia Pacific
The bill must be enacted on or before 31 March 2018.
Read a March 2018 report [PDF 203 KB] prepared by the KPMG member firm in New Zealand
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