New Zealand Parliament Considers Omnibus Tax Bill

The New Zealand Parliament Sept. 8 accepted for consideration Bill No. 65-1, an omnibus tax bill. The bill includes measures to: 1) set a 39 percent individual income tax rate on annual income over NZ$180,000 (US$127,808) for tax year 2021–22; 2) exclude digital assets from GST and financial arrangement rules; 3) establish a zero-rate on domestic transport services used in international goods transportation; 4) improve GST apportionment rules for assets used for both business and private purposes; 5) allow input tax credits for secondhand goods acquired from related parties; 6) modernize GST invoicing rules and record-keeping requirements; 7) clarify GST ...