- New Zealand Inland Revenue introduced new reporting obligations for digital platforms starting in 2024
- The regulations are based on the OECD Model Rules for the Sharing and Gig Economy
- Digital platforms must collect and report data on sellers receiving fees for specified services
- Services covered include commercial and short-term accommodations, ride-sharing, food delivery, and graphic design
- First annual reports are due by February 7, 2025
- Penalties for non-compliance can reach up to NZD 10,000 per reporting year
- Additional penalties for not exercising reasonable care in data collection start at NZD 20,000 and can escalate to NZD 100,000 for repeated violations
- 2025 marks the first year for compliance, emphasizing the importance of accurate data collection and adherence to new rules
Source: fiscal-requirements.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
