New Zealand Tax Agency Issues Guidance on Finance Lease Classification, GST Treatment

The New Zealand Inland Revenue April 14 issued Interpretation Statement No. IS 22/01, explaining the classification of finance leases, and accounting for GST on finance leases. Topics covered include: 1) an explanation of the term finance lease; 2) an explanation of how to classify finance leases for the purposes of time of supply and value of supply rules; 3) accounting for GST on finance leases based on what type of agreement it is; and 4) agency issues on selling goods. [New Zealand, Inland Revenue, 04/14/22]

Reference:
View Announcement. View Interpretation Statement No. IS 22/02.