New Zealand

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  • Service: Tax
  • Type: Business and industry issue
  • Date: 15/05/2013

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Paul Dunne

Paul Dunne

Lead Partner - Tax

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John Cantin

John Cantin

Partner - Tax

+64 4 816 4518

Tax

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Taxmail: Budget 2013 – food for thought 

Issue 2 - May 2013 

 

This week will see both the New Zealand and Australian Governments unveil their respective Budgets for the upcoming year – this evening in Australia and in a couple of days time for New Zealand.

 

Taxmail provides some Budget “food for thought”. We expect Budget 2013 to be more of the same, as the Government looks to consolidate its reputation as a prudent fiscal manager.


From a tax perspective, a number of challenges lie on the horizon.

taxmail Budget 2013
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In our view, there are two key questions about the direction and sustainability of New Zealand’s tax system:

 

How should the tax system be administered?

 

This is relevant given recent announcements on significant upgrades to Inland Revenue’s technology systems. This is also being used as an opportunity to reconsider Inland Revenue’s operating model.

 

A major change in the way that Inland Revenue operates will have an impact on business. Businesses can expect to have more to do.

 

Where should tax revenue come from?

 

The international focus on whether multinationals are paying their “fair share of tax” has broad implications for the future of the NZ tax base.

 

The OECD has commenced work on profit shifting and base erosion and a number of countries are taking unilateral steps to shore up their tax bases. New Zealand needs to have a clear view of what the possible global response might be and what its own response should be.


Taxmail - Comment on topical tax issues from KPMG NZ Tax. 
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Budget 2013

Budget 2012
There is good news if your business is R&D heavy or in the tourism sector, or if you work in construction in Auckland or Christchurch.