NZ parliamentary committee reports back on trust tax rate ‘de minimis’, GloBE rules bill

New Zealand’s proposed $10,000 de minimis is expected to remove around 27,000 trusts from being subject to the 39 percent trustee tax rate, as outlined by Darshana Elwela and Rachel Piper.

The Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill (May 2023 Tax Bill), in New Zealand’s parliament, has been reported back by the Finance and Expenditure Committee, with a number of recommendations. The Bill was introduced by the previous NZ Labour Government in May 2023 and reinstated by the Coalition Government following last year’s election. 39 percent trust tax rate The NZ National Party signalled it would retain the 39 percent trust tax rate change ...

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Authors: Darshana Elwela, Rachel Piper

Published Date: 13 March 2024