New Zealand Tax Agency Seeks Comments on Meaning of Taxable Activity

The New Zealand Inland Revenue Feb. 24 opened a consultation on Exposure Draft No. PUB00476, regarding the meaning and general application of taxable activity under Section 6 of the Goods and Services Tax Act 1985. Topics covered include: 1) an analysis of taxable activity; 2) applicable considerations relevant to taxable activity, including what is meant by “activity,” when is an activity “carried on,” when is an activity for “pecuniary profit,” whether an activity involves the supply of goods and services to another person for consideration, and whether the activity is carried on by a business, trade, profession, vocation, association, or ...