From 1 March 2020, Inland Revenue will no longer be accepting cheques if customers have an alternative payment option available. This includes post-dated cheques (cheques dated after 1 March 2020).
A dynamic and ambitious approach spearheaded by a new Executive Office team has resulted in 2019 being one of their most successful recruitment years, with 13 firms joining in the last eight months.
The alliance is actively seeking accounting and law firm members in the APAC region but particularly an accounting member in Brisbane, Australia, following the merger of long-standing previous member Hanrick Curran into the Mazars partnership earlier this year.
Low-value goods are physical goods valued at NZ$1,000 or less (excluding GST), such as books, clothing, cosmetics, shoes, sporting equipment and electronic items. Goods sold for more than NZ$1,000 will continue to be taxed by Customs at the border as they come into New Zealand.
“The Committee has listened to submitters and the reported back Bill contains measures to ensure the law addresses some of the most pressing aspects of the modern digital economy.
The law will now explicitly set out when agencies that collect, process and use New Zealanders’ personal information will have to comply with New Zealand law – regardless of whether these agencies have a brick-and-mortar presence on our islands.
India’s ruling BJP party says it will revise income tax brackets if re-elected in the seven-phase general election, starting from 11 April. “We are committed to further revise the tax slabs and the tax benefits to ensure more cash and greater purchasing power in the hands of our middle-income families,” the BJP said in its election manifesto.
Times of India
They can take up to 10 days’ paid leave each year, can request a variation to their working arrangements, and can raise a personal grievance, or unlawful discrimination claim, if their employer treats them adversely because they are affected by domestic violence.
These new entitlements and rights come from the Domestic Violence – Victims’ Protection Act 2018 (Act).
A monthly media round-up of news, views and comment pertaining to global taxation, provided by Alliott Group’s International Tax Services Group.
Chinese number two Li Keqiang has outlined plans to cut billions of dollars in taxes in order to boost the world’s second-largest economy. Mr Li told 3,000 delegates at the National People’s Congress that China would aim to deliver nearly 2 trillion yuan ($298bn) of cuts in taxes and other company fees. A value-added tax for transportation and construction sectors will be reduced from 10% to 9%, and VAT for manufacturers will fall from 16% to 13%, he said.
BBC News South China Morning Post China Daily
However, when we talk about e-invoicing (or digital invoicing), we mean the automated direct exchange of invoices between the supplier’s and buyer’s software systems.
China will cut value-added tax rates for selected industries and provide tax rebates for others as part of its efforts to boost a slowing economy. Government officials said they would cut taxes “on a larger scale” in order to boost business activity. JPMorgan Chase & Co. economists estimate the total impact of the tax cuts will be around 2trn yuan ($300bn), or 1.2% of GDP. Tax cuts for graduates and low-income workers have also been announced in a stimulus drive to fend off the effects of the economic slowdown. Companies which hire people designated as “needy” will also qualify for a tax deduction of 6,000 yuan per person per year for three years.
Financial Times Bloomberg China Daily
China’s top economic policymakers promised more tax cuts and increased funding for infrastructure at a key annual planning meeting last month, as US tariffs and weakening domestic consumption added to downward pressure on growth. China’s economy slowed to 6.5% year-on-year growth in the third quarter of 2018. “The pro-active fiscal policy should enhance efficiency, implement larger-scale tax cuts and fee reductions, and substantially increase the size of local government special bonds,” state news agency Xinhua said in a translation provided by Reuters.
CNBC Financial Times South China Morning Post