The Government has appointed a Panel to help businesses achieve smooth transition into the new GST regime, with Revenue Minister Peter Dunne claiming that it would be independent of Government regulation and authority.
The ‘GST Advisory Panel’ had its first meeting on June 17 in Wellington to identify issues of transition and help businesses cope with the change.
Finance Minister Bill English raised the GST from 12.5% to 15%, effective October 1.
Launching a dedicated website (www.gstadvisory.govt.nz) on June 21, Mr Dunne said the Panel’s work would be significant since recently established businesses operating would not have experienced a GST change.
GST was introduced at 10% rate in 1986 and then raised to 12.5% in 1989.
“It therefore makes sense to have the GST Advisory Panel to help smooth that transition and advise the Government of any issues faced by businesses,” he said.
Businesses can go online and make their submissions or raise queries. They could also contact the Panel members on a toll-free number (0800-387783).
Retired Chartered Accountant Frank Owen chairs the Panel, whose other members are Tax Barrister David McLay, New Zealand Institute of Chartered Accountants Tax Director Craig Macalister, Business New Zealand Chief Executive Phil O’Reilly and New Zealand Retailers Association Director Karen Radford.
“They will monitor how businesses are dealing with the change and let the Government know of specific issues,” Mr Dunne said.
The Panel will consider public submissions, monitor how businesses are dealing with the changes and advise the Government on concerns raised.
