Govt moves to shut GST loophole on charities' asset sales

Tue, 14 Aug 2018

By Gavin Evans Aug. 14 (BusinessDesk) - The government is moving to close a GST loophole that could have created a “significant but unquantified” risk to the Crown’s revenue. A supplementary order paper introduced today clarifies the rules on GST and will prevent non-profit groups from avoiding GST on income from asset sales, Revenue Minister Stuart Nash says. The change was signalled in a May 15 issues paper and will be effective from that date. It stems from a new interpretation by Inland Revenue’s Office of the Chief Tax Counsel as...

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