Tax Residency: IRD Interpretation Statement

Posted ago by Editor

This newly published by IRD  Interpretation Statement explains the residence rules in the Income Tax Act 2007, and applies from 1 April 2014.  The analysis in this Interpretation Statement is in three parts. The first part (from [17]) deals with the rules governing the residence of natural persons (individuals), and discusses the relationship between those rules and the residence articles contained in New Zealand’s double taxation agreements (DTAs).

It also discusses the transitional resident rules.  The second part (from [308]) explains the residence rules for companies. It also explains the consequences of a company being a dual resident, and briefly discusses the relationship of the company residence rules to the controlled foreign company (CFC) regime. The final part (from [432]) of this Interpretation Statement deals with residence and the taxation regime for trusts.

 

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List of banks registered in New Zealand

Posted ago by Editor

According to Reserve Bank of New Zealand, the following banks have been registered in New Zealand, as of November 2013:

ANZ Bank New Zealand Limited www.anz.co.nz
ASB Bank Limited www.asb.co.nz
Australia and New Zealand Banking Group Limited www.anz.com
Bank of Baroda (New Zealand) Limited www.barodanzltd.co.nz
Bank of India (New Zealand) Limited   www.bankofindia.co.nz
Bank of New Zealand  www.bnz.co.nz
Citibank NA   www.citi.co.nz
Commonwealth Bank of Australia  www.asb.co.nz
Deutsche Bank AG   newzealand.db.com
Heartland Bank Limited  www.heartland.co.nz
Industrial and Commercial Bank of China (New Zealand) Limited www.icbcnz.com
 JPMorgan Chase Bank NA www.jpmorgan.com
Kiwibank Limited  www.kiwibank.co.nz
Kookmin Bank  omoney.kbstar.com
Rabobank Nederland www.rabobank.co.nz
Rabobank New Zealand Limited  www.rabobank.co.nz
Southland Building Society  www.sbs.net.nz
The Bank of Tokyo-Mitsubishi UFJ  mufg.jp
The Co-operative Bank Limited  www.cooperativebank.co.nz
The Hongkong and Shanghai Banking hsbc.co.nz 
TSB Bank Limited  tsb.co.nz 
Westpac Banking Corporation www.westpac.co.nz 
Westpac New Zealand Limited  www.westpac.co.nz

Also, check SWIFT codes in New Zealand.

New Zealand second best place in the world to do business

Posted ago by Editor

New Zealand has been named the world’s second best country to do business in, according to the annual list compiled by Forbes’ magazine.

Minimum financial reporting requirements for New Zealand companies

Posted ago by Editor

Policy Advise Division of New Zealand Inland Revenue Department issues paper released last week seeks feedback on what the minimum financial reporting requirements should be for most small and medium companies. For more information see the media statement and the issues paper, Minimum financial reporting requirements for companies.

Inland Revenue releases tax avoidance Interpretation Statement

Posted ago by Editor

Inland Revenue has issued its Interpretation Statement about tax avoidance following the public consultation period which opened in December 2011.

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