World Business News

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New Zealand aims to simplify tax compliance

Zone(s): New Zealand ¦ Sector(s): Taxation
[16 June 2014, Tax-News.com] By Mary Swire, Tax-News.com, Hong Kong: During a recent conference on tax administration, New Zealand’s Minister for Revenue, Todd McClay, discussed the work being undertaken by the Inland Revenue Department (IRD) to improve taxpayer engagement.

In his opening remarks, he said the nation’s broad-based, low-rate (BBLR) regime has been fundamental to its economic recovery following the global financial crisis. “BBLR means tax administration benefits from a regime based on voluntary compliance,” he said. “It’s an efficient way to run a tax system as long as compliance remains high. This works well for us in New Zealand.

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