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The Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Bill was introduced in Parliament today.
The Bill proposes that when an offshore supplier, such as a website or an online marketplace, has annual sales to New Zealanders above the $60,000 GST registration threshold, they will have to register for GST. The change would apply to imported goods valued up to $1,000 and is proposed to come into effect from 1 October next year.
The Bill also contains other measures including:
– making some income earned by student loan borrowers subject to withholding tax;
– confirming in the legislation Inland Revenue’s existing operational practice to allow businesses to keep their tax records in te reo Māori;
– ring-fencing losses on residential rental properties; and
– setting the annual tax rates for 2019–20 (which remain unchanged).
In addition, the Bill contains a number of minor policy and remedial amendments to relevant tax Acts to maintain the integrity and efficiency of the tax system.
For more information see:
– the Minister’s media statement;
– the Bill as introduced;
– the commentary on the Bill; and
– the regulatory impact assessments.
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