New Zealand Inland Revenue has announced that legislation for the introduction of new rules for GST on low-value imported goods has been introduced in Parliament. The new rules include requirements for offshore suppliers to register, collect, and return New Zealand GST on goods valued at or below NZD 1,000 when supplied to consumers in New Zealand (previous coverage).
The Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Bill was introduced in Parliament today.
The Bill proposes that when an offshore supplier, such as a website or an online marketplace, has annual sales to New Zealanders above the $60,000 GST registration threshold, they will have to register for GST. The change would apply to imported goods valued up to $1,000 and is proposed to come into effect from 1 October next year.
The Bill also contains other measures including:
In addition, the Bill contains a number of minor policy and remedial amendments to relevant tax Acts to maintain the integrity and efficiency of the tax system.
For more information see:
We’re here to answer any questions you have about the Orbitax products and services.
We’re committed to providing high value, low cost tax research and management solutions.
Our Twitter account is where you can find latest information, news updates, offers and lots more.