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Finance Minister Steven Joyce and Revenue Minister Judith Collins have today announced the Government’s final decisions on proposals to address base erosion and profit shifting (BEPS).

“The new measures will significantly strengthen our tax rules and our ability to ensure that multinationals are taxed fairly and on the basis of their actual level of economic activity in New Zealand,” Mr Joyce says.

In combination the new measures will:

The Government is planning major changes to how IRD pays social support so that people can know better what their entitlements are and be sure of receiving the right amount, Finance Minister Steven Joyce and Revenue Minister Judith Collins say.

“The Working for Families system is very complex and has been since it was introduced,” Mr Joyce says. “More than 40 per cent of people receiving Working for Families are underpaid, while a quarter of all people get paid too much and end up owing money to Inland Revenue.”

The Government is proposing to make tax simpler for individuals, with people whose only income is from a salary, wages or investments no longer being required to file tax returns to receive tax refunds or to calculate any additional tax.

The consultation document, Better administration of individuals’ income tax, was released today by Finance Minister Steven Joyce and Revenue Minister Judith Collins.

Finance Minister Steven Joyce and Revenue Minister Judith Collins have released three consultation papers proposing new measures to strengthen New Zealand’s rules for taxing large multinationals.

“Our broad-based low rate tax system continues to perform very well for New Zealand overall,” Mr Joyce says. “However it’s important that it keeps evolving to ensure that all companies operating in New Zealand pay their fair share of tax.”