New Zealand Inland Revenue has announced proposed changes in the tax treatment of operating leases for taxpayers applying the New Zealand Equivalent to International Financial Reporting Standard 16 Leases.
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Tax treatment of operating leases
The Government has agreed to proposed changes that would allow taxpayers who apply the New Zealand Equivalent to International Financial Reporting Standard 16 Leases (IFRS 16) to follow their accounting treatment to claim tax deductions on certain l…