Proposals to reform the tax treatment of foreign superannuation and bring the tax treatment of gold, silver and ironsands mining into line with other economic activities are the centrepieces of a tax bill introduced in Parliament today, Revenue Minister Peter Dunne has announced.

The Government confirmed today in the Budget it will push ahead with changes to the thin capitalisation rules that invest in New Zealand.

Revenue Minister Peter Dunne has welcomed the release today of a tax policy officials’ issues paper exploring options to reform the rules around land-related lease payments such as lease transfer payments and ‘key money’ payments.

Inland Revenue is reminding customers in Christchurch that the time extension for filing tax returns will close on 31 March 2013.

The Government will not continue with a proposal which would have changed the way some employer-paid carparks in central Auckland and Wellington are treated for tax purposes, Finance Minister Bill English and Revenue Minister Peter Dunne say.

The Government is planning to once again attack struggling New Zealand businesses by imposing Fringe Benefit Tax (FBT) on company car parks in Auckland and Wellington, says New Zealand First.

Taxpayers who may have reduced their income tax obligations through an income diversion arrangement have until the end of this month to take advantage of Inland Revenue’s concession to make a voluntary disclosure.

The Christchurch rebuild depends on a well-working tax system, so Inland Revenue has undertaken research to examine the impact of the earthquakes on small and medium businesses.

Inland Revenue is reminding customers that end-of-year tax payments are due 7 February 2013 unless they have an extension of time through a tax agent. Payment may be required for Income Tax, Working for Families Tax Credits or Student Loans for the 2012 tax year.

While we do not agree companies operating in New Zealand should aggressively seek to pay the minimum tax possible in New Zealand, this is no time to be signaling we are about to tighten our company tax rules, the Employers and Manufacturers Association says.