Inland Revenue has proposed some fundamental changes to GST, including changes to the GST treatment of insurance, cryptocurrencies, managed funds and land. Publuic consultation is open till April 9, 2020.
The proposals include:
| – | aligning GST invoicing requirements with changes in business practices and technology; |
| – | excluding cryptocurrencies from GST and the financial arrangement rules (while profits from trading cryptocurrencies will remain subject to income tax); |
| – | amending the GST apportionment and adjustment rules; |
| – | zero rating domestic transport services supplied to a non-resident transport supplier that provides international transport; |
| – | zero rating conference and staff training services supplied to non-resident businesses; |
| – | developing new rules for fund manager and investment manager services; |
| – | clarifying the zero rating of land rules; and |
| – | introducing other technical and remedial changes. |
Source NZ Gov
