Revenue Minister Judith Collins today welcomed Inland Revenue’s new webpage to help trustees of foreign trusts comply with the new disclosure rules.
“Foreign trusts now have to provide significantly more information than in the past. The webpage has all the information on the new rules and includes the forms which trusts need to complete in order to be registered by 30 June 2017.
A Bill to improve and strengthen the tax rules passed its third reading today, Revenue Minister Judith Collins says.
“Building a more competitive and productive economy for New Zealanders is a priority for this Government.
“Making sure that the tax rules keep up with social and economic changes, as well as current business practices, is a vital part of a well-functioning economy.
The amount of electricity generated from renewables in New Zealand grew to 88 per cent in the three months to December 2016, building on increases seen in previous quarters, Energy and Resources Minister Judith Collins says.
“The result, released today in the latest New Zealand Energy Quarterly, shows the highest level of renewable electricity generation in 20 years. It demonstrates New Zealand is continuing to make the most of its ample renewable resources such as hydro.”
The amount of electricity generated from renewables in New Zealand grew to 88 per cent in the three months to December 2016, building on increases seen in previous quarters, Energy and Resources Minister Judith Collins says.
“The result, released today in the latest New Zealand Energy Quarterly, shows the highest level of renewable electricity generation in 20 years. It demonstrates New Zealand is continuing to make the most of its ample renewable resources such as hydro.”
New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender.
“The global exploration and production industry is cyclical – the low number of permits granted in last year’s Block Offer reflects a significant downturn in the sector,” Ms Collins says.
Revenue Minister Judith Collins today welcomed Inland Revenue’s decision to exercise discretions on income equalisation for farmers who are significantly affected by the recent flooding around the Franklin Ward, Hauraki District and Thames- Coromandel District.
“This step will help provide relief for those famers by giving them an option to help address the financial consequences of the flooding,” Ms Collins says.
Businesses, local councils and organisations with projects to spark interest in electric vehicles can apply for the second round of the Government’s Low Emission Vehicles Contestable Fund, opened today by Energy and Resources Minister Judith Collins.
The fund is one of a suite of initiatives in the government’s electric vehicles programme, which has a target of doubling the numbers of electric vehicles every year to reach approximately 64,000 by the end of 2021.
Minister for Ethnic Communities, Judith Collins congratulates the 62 groups receiving $520,000 from the new Ethnic Communities Development Fund.
The contestable Fund is aimed at improving New Zealand’s social cohesion and supporting the development of established and emerging ethnic communities.
Projects were considered in three categories: cultural events, leadership development and social cohesion.
Cultural events included those for Chinese New Year, Diwali and an African film festival.
Finance Minister Steven Joyce and Revenue Minister Judith Collins have released three consultation papers proposing new measures to strengthen New Zealand’s rules for taxing large multinationals.
“Our broad-based low rate tax system continues to perform very well for New Zealand overall,” Mr Joyce says. “However it’s important that it keeps evolving to ensure that all companies operating in New Zealand pay their fair share of tax.”
The Terms of Reference for the Fuel market Financial Performance Study Energy have been released today, says Energy and Resources Minister Judith Collins.
The Study, being undertaken by the Ministry of Business, Innovation and Employment, will take an in depth look at fuel company finances to determine if the price New Zealanders are paying at the pump is reasonable.
Businesses in the upper South Island and Greater Wellington areas hit by last year’s earthquake and aftershocks will be able to replace assets lost in the earthquake without immediately incurring a tax bill, Revenue Minister Judith Collins said today.
A Supplementary Order Paper to the Taxation (Annual rates for 2016-17, Closely Held Companies, and Remedial Matters) Bill released today by Ms Collins provides roll-over relief for depreciation recovery.
A review of New Zealand’s energy policies by the International Energy Agency (IEA) generally praises our approach while pointing out further opportunities, Energy and Resources Minister Judith Collins says.
IEA Executive Director Dr Fatih Birol today released Energy Policies of IEA Countries: New Zealand 2016 Review. The IEA, an autonomous body within the Organisation for Economic Cooperation and Development (OECD), reviews the energy policies of member countries about every five years.
A Bill that tightens the foreign trust disclosure rules, simplifies tax processes and reduces or eliminates use-of-money interest for most business taxpayers passed its final stage in Parliament today.
“The new legislation tightens the disclosure rules for foreign trusts as recommended by the Shewan Inquiry,” says Revenue Minister Judith Collins.
“It also includes measures to implement the G20/OECD standard for the Automatic Exchange of Information, to help detect and prevent tax evasion globally” she says.
Energy and Resources Minister Judith Collins has today announced a Market Study into fuel prices/returns to be undertaken by the Ministry of Business, Innovation and Employment (MBIE).
The Fuel Market Financial Performance Study, which is expected to be completed by the end of June is designed to determine how fair petrol and diesel prices are at the pump.
Ethnic Communities Minister Judith Collins will welcome members of the Chinese community to mark the most important festival on the Chinese calendar at Parliament tonight.
“Chinese New Year is the biggest and most important festival in the Chinese calendar, and is fast becoming very popular among the wider New Zealand society. It is a time to celebrate with family and to take stock before moving forward.
Revenue Minister Judith Collins today welcomed tax measures announced by Inland Revenue to help farmers affected by the Northland drought.
Inland Revenue will allow farmers to make late income equalisation deposits from the 2016 income tax year and to apply for early refunds. This allows farmers to average their taxable income over several years more easily.
Ms Collins says that this would mean that farmers will be able to better plan their financial response to the drought conditions.
A total of 15 projects have been conditionally approved to receive around $3.5 million from the Low Emission Vehicles Contestable Fund, says Energy and Resources Minister Judith Collins.
The Fund was established as part of a package of initiatives to help stimulate electric vehicle uptake and meet the target of 64,000 electric vehicles on New Zealand roads by 2021. This first funding round was heavily oversubscribed with around 80 applications.
The latest New Zealand Energy Quarterly, released by the Ministry of Business, Innovation and Employment today shows the highest renewable electricity generation in 20 years for a September quarter, Energy and Resources Minister Judith Collins says.
Police Minister Judith Collins has today joined members of Eastern District Police, local leaders and the community to open the newly built $5.5m Napier Police Station.
“This station represents a significant investment in policing in Napier and will provide a valuable asset for the people of this city for years to come,” says Ms Collins.
“It also represents the Government’s commitment to ensuring Police have the facilities and the resources they need to build on the huge programme of modernisation they have undergone in recent years.
Corrections Minister Judith Collins has welcomed five new members to Corrections Detector Dog team.
Corrections’ newest detector dogs were purchased from the Australian Border Force and graduated today, alongside their canine colleagues from Aviation Security and Customs, following a nine week training course.
“It is evident that the Dog Section has an essential role in the effectiveness of contraband reduction plans and has a real impact in keeping our prisons safe.”
