TIB - April 2019
New legislation
- Life reinsurance
- BEPS - Administrative measures
- BEPS - Transfer pricing rules
- BEPS - Permanent establishment anti-avoidance rules
- BEPS - Hybrid and branch mismatching rules
- BEPS - Interest limitation rules
Orders in council
- Tax Administration (Direct Credit of Income Tax and Gaming Machine Duty Refunds) Order 2019
- CRS reportable jurisdictions amendment regulations
Product ruling
BR Prd 19/01: Milldale Infrastructure LP
Interpretation statement
IS 19/01: Income tax – application of schedular payment rules to non-resident directors’ fees
Standard practice statement
SPS 19/01: Tax payments – when received in time
Operational position
Commissioner’s operational position on IS 19/01 – Income Tax – How schedular payment rules apply to non-resident directors’ fees
Legislation and determinations
- 2019 International Tax Disclosure Exemption ITR30
- Special Determination S61: Optional Convertible Notes with Discretionary Interest Payments
- Special Determination S62: Spreading method to be applied by Landowners making Infrastructure Payments to fund bulk infrastructure under a Final Encumbrance
- Participating jurisdictions for the CRS applied standard
Legal decisions – case notes
- Taxation Review Authority confirms amounts received not loan repayments, but deemed dividends
- High Court clarifies when payments made in support of overseas mission services qualify for tax credits
- High Court clarifies the meaning of “year” for calculating “ongoing daily care” for the Child Support Act 1991
- Taxation Review Authority considers whether it has the power to approve publication of a taxpayer’s affairs on application by the taxpayer
Corrections
The table published in the Hybrid mismatches item on page 42 (titled "Table 1: New Zealand's implementation of the OECD recommendations") is incorrect.
The second part of that table ("Specific rule recommendations") should have contained the following information:
| Section | Rec. | Hybrid mismatch | Hybrid arrangement | Corresponding branch agreement | Counteraction | Scope |
| CW 9 | 2 | D/NI | Hybrid financial instruments – specific rules** | 2.1 Payee country should turn off any exemption 2.2 Restrict foreign tax credits to hybrid arrangement |
No limit | |
| Subpart EX | 5 | D/NI | Reverse hybrids – specific rules*** | Disregarded branch structure and diverted branch payments | 5.1 Improve CFC and other offshore rules 5.2 Turn off transparency/non-taxation 5.3 Improved disclosure |
Specific to NZ's domestic law |