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    Global Daily Tax News, New Zealand Announces Fix To GST Refund Rules, (Sep 20, 2024)

    New Zealand's Inland Revenue Department has announced that an Order in Council has been made to correct a legislative error that prevented taxpayers from obtaining input tax credits.

    Specifically, GST-registered taxpayers had been prevented from bein ...

    New Zealand's Inland Revenue Department has announced that an Order in Council has been made to correct a legislative error that prevented taxpayers from obtaining input tax credits.

    Specifically, GST-registered taxpayers had been prevented from being able to receive a refund of input tax on certain assets acquired before April 1, 2023, that had a permanent change of use on or after April 1, 2023.

    The change comes into effect from September 10 and has retrospective effect.

    The IRD has released a special report explaining the amendment and how it can be applied.

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