Tax Bill enacted

wallet-webThe Taxation (Annual Rates, Employee Allowance, and Remedial Matters) Bill was enacted on 30 June 2014.  One of the notable changes included in this Act included amendments to clarify the tax treatment of employer provided accommodation, accommodation allowances and other reimbursing payments made to employees.  Most of these changes will come into effect on 1 April 2015.

The IRD has issued a special report that sets out information on the new rules regarding the changes to employee related payments.

To view this report visit:

The Act also deals with distortions arising from the treatment of black hole expenditure, strengthens the thin capitalisation rules, reforms the income tax treatment of land related lease payments, and changes the tax treatment of receipts for easements.

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Published Spring 2014.

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