TIB - March 2007

Legislation and determinations

• Livestock values – 2007 national standard costs for specified livestock

New legislation

• Orders in Council
  • New double tax agreements with Chile, Poland, and Spain, new protocols to Australia and Singapore agreements
  • Use-of-money rates to rise

Standard practice statements

• SPS 07/01 Tax payments — when received in time

Legal decisions – case notes

• Counterclaim action during liquidation proceedings: The Commissioner of Inland Revenue v Churton Farms Limited. The Commissioner of Inland Revenue v Ngaturi Properties Limited
• Commissioner directed to consider remission of penalties and interest: Chesterfields Pre-Schools Limited and Other v The Commissioner of Inland Revenue
• Strike-out application: J A Reid & Others v The Commissioner of Inland Revenue
• Solicitor’s undertaking: Manu Chhotubhai Bhanabhai & Douglas Mark Andrew Burgess v The Commissioner of Inland Revenue
• High Court substantially upholds validity of Section 17 notice issued to taxpayer: Lupton v Commissioner of Inland Revenue