What the IRD is up to   Leave a comment

The GST boffins at the IRD have a lot in store for us over the next few months.

The Department’s latest work programme (updated 6 October) indicates they expect to finalise their GST views on retirement villages in December and over coming months will release consultative documents on the GST treatment of immigration services and matrimonial property agreements.

On hold for the time being is a project dealing with GST issues for non-profit bodies.

The schedule of work published by the IRD is an insight into how busy they are and which tax issues they are prioritising. You can find a copy of the work programme here:

A few other projects have a GST component. They include: –

Review of the guidelines for determining whether someone is an employee or independent contractor.
Independent contractors are more impacted by GST than employees.

Trade bonuses and gift programmes for businesses receiving in kind benefits
GST has to be considered here. In kind benefits received in consideration for trade loyalty could be subject to GST.

Barter transactions
Barter transactions can be a compliance headache for businesses and often get overlooked. In kind sponsorships are a classic example.

Tax treatment of costs of holding AGM, shareholder meetings and maintaining share register
Hopefully the IRD cover GST here. There is uncertainty over the ability of businesses to recover GST on these sorts of costs.

On top of all this we’ve got new rules in April for land transactions and partial input tax recovery.

Busy busy busy

Iain

Advertisements

Posted October 12, 2010 by Iain Blakeley in IRD activity

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: