A collection of changes in New Zealand’s GST regime will keep corporate taxpayers on their toes in 2022.
A new report from Bell Gully, The Big Picture: Goods and Services Tax in 2022 and beyond, highlights the most significant implications for taxpayers from a diverse array of areas that were scrutinised and modernised earlier this year.
“Among other things these include changes aimed at addressing impractical GST documentation requirements that will reduce the risks of some basic errors that had disproportionate consequences,” says tax specialist Campbell Pentney, a special counsel at Bell Gully. “Other changes clarify the status of many crypto assets but leave some practical questions unanswered when it comes to aspects like non-fungible tokens.”
The report also explores areas where taxpayers are encountering challenges that have yet to be addressed, and looks at what the future could hold for GST.
The Big Picture: Goods and Services Tax in 2022 can be found here.