New Zealand: August tax bill includes implementation of cryptoasset reporting framework (CARF)

Taxation (Annual Rates for 2024-25, Emergency Response and Remedial Matters) Bill

August 30, 2024

The government introduced the omnibus August tax bill (The Taxation (Annual Rates for 2024-25, Emergency Response and Remedial Matters) Bill) which includes:

  • Various tax responses for emergency events
  • Implementation of the OECD’s cryptoasset reporting framework effective April 1, 2026
  • Assorted amendments to clarify or correct provisions related to:
    • Goods and services tax (GST)
    • Partnerships, including limited partnerships
    • Land tax
    • International tax
    • Portfolio investment entity (PIE) rules

Read an August 2024 report prepared by the KPMG member firm in New Zealand

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