Offshore businesses that supply low-value goods to New Zealand have been granted a two-month extension to get systems in order for a new method to collect GST.
Inland Revenue has released an issues paper on how to align an aspect of GST with international best practice and principles.
Customers have logged into the new myIR more than two million times since one of the largest data migrations undertaken by a New Zealand government agency.
Overseas companies selling goods online into New Zealand will soon be required to collect GST in the same way as domestic retailers.
Revenue Minister Stuart Nash has confirmed Parliament will extend tax relief for Canterbury businesses affected by issues relating to depreciation following the earthquakes.
Statement from the Commissioner of Inland Revenue Naomi Ferguson:
Problems with Inland Revenue’s GST processing system, we now believe are resolved, were tracked down to a network load rebalancer at IR’s telecommunications provider.
Revenue Minister Stuart Nash has signalled a law change to clarify GST rules around the sale of assets by non-profit bodies.
An anonymous tip-off has led to a Hamilton tradesman being sentenced to nine months’ home detention for not paying nearly $240,000 in tax.
The Government is to close a loophole that gives offshore companies an advantage by not requiring them to collect GST on all goods sold to local consumers.