New Zealand

New Zealand scraps low value consignment GST Oct 2019

October 19th, 2018

New Zealand has proposed scrapping the Goods and Services Tax (GST) and customs duty low-value consignment relief of NZD 1,000. It will be requiring foreign e-commerce traders selling goods to local consumers to VAT register once their annual sales crossed a NZD 600,000 threshold. Supplies to businesses will remain zero-rated. Marketplaces may also be held liable …


New Zealand

New Zealand scraps GST import threshold 2019

May 1st, 2018

New Zealand is considering withdrawing its low-value consignment stock threshold for import Goods and Services Tax from 1 October 2019. The proposed measure would help reduce tax evasion, and level the playing field for local retailers. A public consultation has now been launched to consider the effects of the measure. Currently, goods bought from foreign online …


Worldwide

VAT Reporting update 18.3.1

April 5th, 2018

Overview This release is a maintenance release of the VAT Reporting application for the month March. It includes changes to reports, modifications and bug fixes. Main changes in Reports We have improved the reporting of transactions with mixed flows on the PL, CZ and IT VAT Books. South Africa: standard VAT rate changed to 15% …


New Zealand

New Zealand invoice requirements

January 16th, 2018

Invoice date of issue and storage New Zealand GST invoices must be issued within 28 days of the supply of the taxable supplies. They must be retained for a minimum of 7 years for inspection by the Inland Revenue. GST invoices should show the following information: Name, including trading name, and address of supplier and …


New Zealand

New Zealand GST rates and GST compliance

January 16th, 2018

New Zealand GST rates There are 3 GST rates in New Zealand: the standard, reduced and nil rates. New Zealand GST compliance In providing taxable supplies, and once GST registered, businesses are obliged to follow various compliance rules, including record keeping. These include: New Zealand tax point The tax point (time of supply) rules determine …


New Zealand

New Zealand GST returns

January 16th, 2018

Any company registered with a New Zealand GST number must submit periodic returns to the Inland Revenue. What are the returns filing and payments deadlines for New Zealand GST returns? GST returns must be submitted by the 28th of the month following the reporting period end. The payment date of any GST due is the …


New Zealand

New Zealand GST registration

January 16th, 2018

What is the New Zealand GST registration threshold Non-resident businesses providing taxable supplies in New Zealand must register if they pass the annual registration threshold. This is currently and applies both retrospectively over the past calendar year, or if a business anticipates exceeding this in the forthcoming 12 months. Businesses may also voluntarily GST register …


New Zealand

New Zealand

January 15th, 2018

New Zealand introduced a Goods and Services Tax (‘GST’) on 1 October 1986. This is similar to VAT, and based on the OECD’s standard indirect tax regime model. It is one of the most progressive regimes in the world, with a wide base and limited exemptions. GST is jointly administered by the Inland Revenue and …


New Zealand

New Zealand GST on e-services

November 9th, 2017

New Zealand imposed its Goods & Services Tax (GST) consumption tax on non-resident providers of electronic services in October 2016. Digital services subject to GST The following services are liable to GST: Streaming video, movies, music and gaming Software E-books Apps Online webinars E-learning, including webinars Remote gambling Subscriptions to online membership clubs Subscriptions to …