To provide context: new legislation about the new templates of declarations concerning income tax from sole proprietors come into force on June 13th, 2019. Specifically, forms about the income through unaccounted profits (PIT-NZ), with an appendix on companies’ income through inheritance (PIT-NZS). The declaration templates are available for entrepreneurs since the beginning of 2019.
The recent proposal is a subsequent effort of adjustment with International Financial Reporting Standards (IFRS). The selected descriptions and individual fields in the forms that were previously unclear or caused problems during creation will change. However, before new templates become effective, entrepreneurs should use the existing, published in the Bulletin of Public Information. They will be fully accepted by the ICT systems of the National Court Register and the National Tax Administration by the end of August 2019.
The Ministry of Finance presented updated e-declarations in default XSD file format (XML Schema Definition). The templates contain guidelines and rules, which are the new logical structure itself. Entrepreneurs must stick to these rules if they want to create the XML e-declaration correctly. This also means that entrepreneurs will have to find suitable software or update the existing plugins to properly work with XSD files.
The Ministry of Finance has informed that the updated templates will not be published in the Bulletin of Public Information, at least for now. Instead, every entrepreneur can preview and download said declarations from the official Ministry’s website.