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 …
Arbitration in New Zealand
International arbitration is growing in importance as a dispute forum in New Zealand as it is around the world.
Cautious Optimism on 100 per cent Foreign Ownership
Recent media reports have suggested that 100 per cent foreign ownership of companies in the UAE will now be permitted. The reports are based on a government press release regarding a UAE Federal Cabinet (Cabinet) meeting held on 20 May 2018.
Commercial Importation Of Aircrafts
An aircraft whose owner is established in the European Union and is intended for commercial use may be imported through Malta for VAT purposes and thus enabling the aircraft to be in free circulation within the European Union. This procedure is a full importation procedure and requires the aircraft to be physically present in Malta …