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New Zealand to abolish fees gift, by Mary Swire, tax - News .com, Hong Kong
Last updated 12 hours ago |02 November 2010

New Zealand revenue Minister Peter Dunne has confirmed the intention of the Government to abolish the duty of gift because the rules have been leading to a high level of compliance costs and were no longer has any significant revenue.

"Earlier this year I announced the Government's intention to remove the duty of gift if concerns about privacy and the targeting of social assistance could be treated," says Dunne.

He added:

"My announcement since a lot of work done by government officials in order to assess the work préoccupations.Ce revealed protection offering gifts need in the areas of tax revenue, creditors and welfare was just never accidental and very limited.

"In addition, protection restricted gifts of service offerings do steps outweigh significant compliance costs estimated at approximately NZD70m (USD53.7m) per year, which imposes to gift to the private sector."

"There is a wide range of other existing laws to provide adequate protection to mitigate the risks identified following the abolition of the obligation of giving."Agencies will monitor the impact of the changes and will ensure a review what has no unintended effects.

Abolition of the duty of donation will be included in the legislation to be presented in November 2010 and will be effective from 1 October 2011.

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