New Zealand Tax Agency Seeks Comments on GST Treatment of Specified Payment Processing, Facilitation Services

The New Zealand Inland Revenue Oct. 20 opened a consultation on Exposure Draft No. PUB00515, to clarify the GST rules regarding supplies of payment processing or facilitation services. Topics covered include: 1) the types of payment processing or facilitation services subject to GST; 2) the explanation that all administrative services related to processing payments may be treated as a single supply of payment processing services for GST purposes; 3) the clarification that loan arrangements with buy now, pay later (BNPL) providers are typically repaid in installments; and 4) that settlement services provided to merchants constitute exempt or zero-rated supplies of ...