The New Zealand Inland Revenue is flexing the Commissioner's new information-gathering powers by requiring detailed financial information from high-wealth individuals and domestic trusts. Whilst the new reporting requirements for domestic trusts is currently undergoing consultation, both new powers were passed under urgency and without any consultation, scrutiny or Select Committee review that is usually expected for tax legislation under the Generic Tax Policy Process (GTPP).
This Tax Tips Alert summarises these recent developments and reflects on the Government's increased willingness to pass tax legislation without due consultation.
