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Inland Revenue understands that exporters of goods intended to be sent overseas on the "Rena" that grounded off the coast of Tauranga may not now be able to export those goods within the 28-day period required under section 11(1) of the Goods and Services Tax Act 1985 ("GST Act") in order to zero-rate that supply for GST purposes
Normally, a person who does not export the goods within 28 days of the time of supply will be liable to output tax at the standard rate of 15%. However, s.11(5) of the GST Act allows the Commissioner to extend that 28-day period. As a consequence of the grounding of the "Rena" the Commissioner has extended the period for goods entered for export on board the "Rena" to allow those exporters affected by the grounding a further 60 days to make alternative arrangements to export their goods and still be able to zero-rate that supply, for GST purposes.
Signed this 31st day of October 2011.
LTS Manager, Technical Standards