New Zealand awaits tax modernization

New Zealand Minister of Revenue proposed a governmental program on the tax policy for 2015-2016, whose leading motif is the modernization of tax authorities.

The Minister noted that even though the level of conscientious fulfillment of tax obligations in New Zealand is one of the highest in the world and the costs of actually paying taxes are low, a good tax system can always get better.

The new modernization program of NZ tax system has three directions:

• the improvement of NZ legislation in accordance with the international standards for the exchange of tax information and the requirements of international reforms in the sphere of BEPS;

• the reform of Inland Revenue through simplification and reduction of bureaucracy;

• the simplification of tax reporting for business and filing tax returns for individuals.

Source:

https://www.beehive.govt.nz/speech/address-ifa-annual-conference-queenstown