Minister for Ethnic Communities, Judith Collins, will tomorrow address the annual EPIC NZ (Ethnic People in Commerce) conference at Sky City Convention Centre which will bring together New Zealand’s ethnically diverse business community.

EPIC NZ will strengthen the links between government and the ethnically diverse business community, while providing valuable insights into digital disruption, innovation, and how to succeed in an ever changing global economy.

Revenue Minister Judith Collins has today signed a new tax protocol between New Zealand and Hong Kong.  The protocol updates the existing double tax agreement between New Zealand and Hong Kong, to allow full exchange of information on tax matters between the two jurisdictions.

Once in force, the updated double tax treaty will require both Hong Kong and New Zealand to automatically exchange tax information with each other, in line with the G20 and OECD Automatic Exchange of Information global standard.

The Government has extended the eligibility for Warm Up New Zealand: Healthy Homes insulation grants to include low-income home owners in addition to landlords with low-income or high health need tenants, Energy and Resources Minister Judith Collins says.

The grants will provide 50 per cent of the cost of ceiling and underfloor insulation for low-income home owners, as well as low-income tenants who are already eligible. The grants will be available until the end of June 2018.

Transport Minister Simon Bridges and Energy and Resources Minister Judith Collins have announced new measures to support the uptake of electric vehicles and improve energy efficiency in New Zealand.

The Energy Innovation (Electric Vehicles and Other Matters) Amendment Bill, which passed its third reading today, implements parts of the Government’s Electric Vehicles Programme, makes changes to the Energy Efficiency and Conservation Authority’s (EECA) levy funding, and clarifies how electricity industry legislation applies to secondary networks.

Energy and Resources Minister Judith Collins has today released the New Zealand Energy Efficiency and Conservation Strategy 2017-2022.

The Strategy, Unlocking our energy productivity and renewable potential, is a companion to the New Zealand Energy Strategy 2011-2021. It sets the overarching direction for Government and specific actions for the promotion of energy efficiency and renewable sources of energy.

Ms Collins says the goal of the Strategy is for New Zealand to have an energy productive and low emissions economy.

Muslim New Zealanders will today celebrate the Islamic festival Eid ul-Fitr following the sighting of the new moon and will come together to celebrate at Parliament next week, Minister for Ethnic Communities Judith Collins says.

Eid ul-Fitr, is celebrated by Muslims all over the world when the fasting month of Ramadan is completed.

Creditors are poised to receive greater protection from businesses owing debts of more than $150,000 as the Government has now set a threshold for reportable tax debt, Revenue Minister Judith Collins says.

Changes to the law earlier this year allowed Inland Revenue to disclose information about companies with significant tax debt to certain approved credit reporting agencies.  A recent Order in Council sets a threshold of $150,000.  A company’s tax debt over this amount may be disclosed to certain credit reporting agencies.

The Government is proposing to make tax simpler for individuals, with people whose only income is from a salary, wages or investments no longer being required to file tax returns to receive tax refunds or to calculate any additional tax.

The consultation document, Better administration of individuals’ income tax, was released today by Finance Minister Steven Joyce and Revenue Minister Judith Collins.

A new treaty signed in Paris this week is a significant step forward in the fight against base erosion and profit shifting (BEPS), says Revenue Minister Judith Collins.

"Many BEPS techniques involve tax treaty abuse. The Multilateral Convention to Implement Tax Treaty-Related Measures to Prevent Base Erosion and Profit Shifting (known as the Multilateral Instrument) allows a worldwide network of several thousand tax treaties to be quickly updated to adopt recommendations from the OECD’s BEPS Action Plan.

Inland Revenue will receive more information about US multinationals operating in New Zealand following the signing of a new bilateral arrangement with the US Internal Revenue Service to share country-by-country reports.

Revenue Minister Judith Collins says this is great news as it means Inland Revenue will have better information about how multinationals allocate profits from their operations here.

“This will further enhance Inland Revenue’s risk assessment processes to make sure that the right amount of tax is being paid,” she says.

Energy and Resources Minister Judith Collins has announced the appointment of Lana Stockman and Mark Sandelin to the Electricity Authority. 

The Electricity Authority is an independent Crown entity established in November 2010. 

It is responsible for the governance and regulation of the electricity market and its objective is to promote competition, reliable supply, and the efficient operation of the electricity sector for the long term benefit of consumers.

Revenue Minister Judith Collins will travel to Europe today to represent New Zealand at a signing ceremony signifying New Zealand’s commitment to the OECD effort against base erosion and profit shifting.

Revenue Minister Judith Collins has today welcomed the start of Inland Revenue’s information campaign on the Automatic Exchange of Information (AEOI) which is part of the OECD-led effort to combat tax evasion.

From 1 July 2017, financial institutions in New Zealand will be required to identify accounts held or controlled by foreign tax residents, and collect relevant information.  This information will be reported to Inland Revenue by 30 June every year.

Revenue Minister Judith Collins has today welcomed the release of an officials’ issues paper on the taxation of employee share schemes for start-up companies.

“Employee share schemes are an important remuneration tool for start-ups as they can assist companies to both attract and retain talented staff. However, it is equally important that employee share schemes are taxed like any other form of remuneration.

Many business expenses currently written off as black hole expenditure would become tax deductible under proposals released as part of Budget 2017, Revenue Minister Judith Collins says.

“Some costs of investigating the viability of a new proposal or project – that is, feasibility expenditure – are currently neither immediately tax deductible, nor depreciable. As a result, it falls into what businesses describe as the black hole,” Ms Collins says.

The fact that 138,000 people have switched electricity retailers already this year shows competition is strong and consumers continue to shop around for a good deal on their power bill, says Energy and Resources Minister Judith Collins.

“The What’s My Number  website is a quick and easy way for New Zealanders to figure out if they are already on the best deal, or if they could be saving on their power bill by switching provider.”

Ethnic Communities Minister Judith Collins has today announced the appointment of eight Trustees to the Chinese Poll Tax Heritage Trust. 

The Trust aims to create a heightened understanding of the Chinese community within New Zealand and to strengthen the unique identity of Chinese New Zealanders.

More than $10 million in research and development loss tax credits have already been paid out after the first year of a scheme designed to help start-up companies access some of their tax losses sooner, Revenue Minister Judith Collins says.

Pay-outs are still being processed for the last financial year, which saw 187 companies successfully lodge applications to `cash out’ business losses associated with R&D spending.

Inland Revenue will waive use of money interest on late tax payments when flooding has prevented people from paying on time, say Lead Minister for Edgecumbe Anne Tolley and Revenue Minister Judith Collins.

“In the aftermath of the Edgecumbe and Bay of Plenty floods businesses in affected areas have enough to deal with without having to worry about their tax obligations at the same time,” Mrs Tolley says.

Energy and Resources Minister Judith Collins has today announced the appointment of two new members to the Electricity Authority.

The Electricity Authority is an independent Crown entity established in November 2010. 

It is responsible for governance and regulation of the electricity market and its objective is to promote competition, reliable supply, and the efficient operation of the electricity sector for the long term benefit of consumers.

Allan Dawson and Sandra Gamble have been appointed for terms of five years each commencing 18 April.

A new tax bill introduced into Parliament today will help modernise our tax administration while ensuring that the current system works as it should, says Revenue Minister Judith Collins.

“The Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Bill contains proposals relating to collecting employment and investment income information.  The proposals will help Inland Revenue to ensure that people are on the right tax code and receiving any entitlements correctly.”

Revenue Minister Judith Collins and Tertiary Education, Skills and Employment Minister Paul Goldsmith say they are encouraged to see a marked increase in overseas student loan defaulters contacting Inland Revenue and taking steps to pay off their loans.

Since December 2014 there has been a 66% increase in the number of overseas borrowers who are behind on their payments getting in touch with Inland Revenue.

Energy and Resources Minister Judith Collins is leading a petroleum sector trade delegation to Texas and an electricity sector trade delegation to Silicon Valley next week.

Ms Collins will be accompanied by a petroleum sector delegation, which includes representatives from New Zealand Oil and Gas, Todd Energy and the Petroleum Exploration & Production Association of New Zealand, to Texas.