On 10 May 2016, New Zealand's parliament passed the Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Bill following its third and final reading ({News-2015-11-19/P/2- previous coverage}). The main measures of the legislation include:
- A residential land withholding tax (RLWT) that applies for offshore sellers (vendors) of New Zealand residential property if acquired and sold within two years, with an applicable rate equal to the lower of:
- 33% of the gain …