Spotlight on the FSC Taxation Committee

At the beginning of September, members of the FSC Taxation Committee met with officials from Inland Revenue to discuss their Fringe Benefit Tax Regulatory Stewardship Review. The key messages conveyed were that the current regime is outdated which is challenging for tax teams applying the rules to benefits such as mobile phones, vehicles and gifts.

We look forward to the results of the Review to hopefully reduce some of the granularity which will enable employers to remunerate or reward staff more easily.

At the October Taxation Committee, we will hear from guests Kelvin Stewart, Gordon Witte and Graeme Morrison of Inland Revenue to discuss policy reforms to the GST treatment of managers fees.

Do you work in tax? Or are you just interested in gaining more of an understanding of the hard work that these valuable teams do? The FSC encourages any FSC members to attend the FSC Taxation Committee which is held bi-monthly.

Upcoming Consultations
Following on from the Taxation Committee’s submission on the Inland Revenue’s review of the application of the Fair Dividend Rate Foreign Exchange Hedges Rules, changes are contained in the current omnibus taxation bill before Parliament, Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Bill.

The Taxation Committee and the Workplace Savings Committee will look to submit on this Bill when the Select Committee calls for submissions. Please contact us if you would like to be involved.