OIO residential land amendments delayed
The date for the Select Committee to report to Parliament on the Overseas Investment Amendment Bill (the Bill) has been extended to 21 June 2018. The Select Committee's report was previously anticipated on 31 May 2018. This delay is unsurprising given the substantial number of submissions to the Select Committee, and it is encouraging to …
Australian class action reform: implications for New Zealand
On 31 May 2018, the Australian Law Reform Commission (ALRC) released a discussion paper as part of its inquiry into class action proceedings and third-party litigation funders.
Zero Carbon Bill update: discussion document seeks public feedback
Public consultation that could have far-reaching implications for business is underway on the Government's proposed Zero Carbon Bill, following the release of a Discussion Document by the Ministry for the Environment. There is currently no draft bill; the Discussion Document seeks feedback on key questions of policy and systems architecture that will underpin the legislative regime. This …
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New leniency for foreign buyers in Overseas Investment Act overhaul but redraft raises fresh issues
A select committee report on changes to overseas investment rules has proposed relaxing some of the planned restrictions on foreign buyers which could have hindered development, but the amendments raise a number of new issues that require close examination.
Double tax agreement interpretation in the spotlight again – Court of Appeal reverses foreign tax
The correct interpretation of New Zealand's double tax agreements (DTAs) is once again in the spotlight after a recent Court of Appeal decision treats them in the same way as private contracts. Previously, local and international rulings suggested the international context and purposes of such treaties should be taken into account.
Tax treatment of cryptocurrencies – Questions and (some) Answers
The Inland Revenue has published a Q&A on the income tax treatment of cryptocurrencies. You can find the document here.
NZX consults on revamped listing rules under a new market structure
NZX has released an exposure draft of its proposed new listing rules for consultation, with a view to implementing the new rules towards the end of 2018 and bringing them into effect on 1 January 2019. This follows NZX’s consultation at the end of last year on a wide span of issues to reform and …
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Proposed GST changes for low value goods
Interested parties should pay attention to the Government’s call for submissions on proposals to lower the threshold at which offshore purchases become liable for GST, with decisions yet to be made on a number of aspects.
Multinational tax proposals move closer to enactment with (some) taxpayer concessions
The Officials' Report on submissions on the bill containing new rules to combat "base erosion and profit shifting" (often referred to as BEPS) by foreign multinationals has finally been released together with the second reading of the bill. Concerns that the new rules could impact foreign investment in New Zealand and therefore should be abandoned …
A win for contractual certainty – UK Supreme Court finds “no oral variation” clauses enforceable
In a welcome move from the standpoint of contractual certainty, the United Kingdom's Supreme Court has overturned the Court of Appeal in its eagerly-awaited decision in Rock Advertising Ltd v MWB Business Exchange Centres Ltd. In doing so, the Supreme Court has unanimously confirmed that no oral variation (or modification) (NOM) clauses are valid and enforceable …