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Finance Minister Grant Roberson’s 2018 Budget contains the following tax-related announcements:
Budget allocations to the IRD
– $23.5 million over the next four years to improve Inland Revenue’s ability to ensure outstanding company tax returns are filed.
– $3 million for Inland Revenue to identify legislative opportunities over the next four years to improve tax compliance in specific industries through the use of third party reporting and withholding taxes.
– $4.3 million over four years to implement and administer the recently announced research and development tax credit.
See the Minister of Revenue’s media statement.
Changes to bloodstock tax rules
The Government is proposing that the costs of a stand-out yearling acquired by an investor with an intention of breeding for profit would be deductible as if it were acquired by an existing breeding business. The changes will be introduced into Parliament later this year. See the Minister for Racing’s media statement.
Tax policy work programme
The Government also released its new revenue strategy. The revenue strategy sets out the Government’s objectives for the tax system and tax policy, in the context of its economic and fiscal strategies. As part of this release, the updated tax policy work programme is also being released.
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