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NZ Introduces Bill To Simplify Business Taxes

Monday, August 8, 2016

A bill containing proposals to simplify New Zealand's tax processes, reduce compliance costs for smaller businesses, and tighten foreign trust disclosure rules was introduced in Parliament on August 8, 2016.

"Business tax changes proposed in the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill deliver on the Government's Budget 2016 SME-friendly tax package announcement and will reduce compliance costs and make tax simpler for small businesses," Revenue Minister Michael Woodhouse said.

"Changes include new business-friendly measures to simplify the provisional tax rules, which will provide a new pay-as-you-go option for small businesses to pay their provisional tax, from April 1, 2018," Woodhouse said. "The bill also proposes to remove the one per cent monthly incremental late payment penalty on new GST, income tax, and the Working for Families tax credit debts, from April 1, 2017. This will help strike a better balance between penalties encouraging taxpayers to make timely payment without becoming overwhelming."

"Small businesses are the backbone of the New Zealand economy. We want to help them spend more time focused on their business, not their taxes, and these changes will help make that possible," the Minister said.

The bill also includes measures to further strengthen and update New Zealand's international tax rules with new disclosure requirements for foreign trusts. It proposes to introduce a register that is searchable by Internal Affairs and the Police, as well as annual disclosure requirements.

Following the recent Inquiry into Foreign Trust Disclosure Rules, also known as the Shewan Inquiry, the Government committed to moving quickly on the changes to foreign trust disclosure rules. "The inclusion of those changes in this bill reflects that," Woodhouse said.

Finally, the bill includes the necessary measures to implement the G20/OECD standard for the Automatic Exchange of Information, which New Zealand financial institutions will have to comply with.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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