Dunne Wants to Delay Tax Change

March 25, 2009 New Zealand Taxation  No comments

Peter Dunne is advising that the government delay the series of tax reforms that it is set on implementing on the 1st of April.

Revenue Minister Peter Dunne has voiced his concern in regards to the Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill, introduced last July. According to him, there are numerous business owners and their tax advisors that are not necessarily ready or fully comprehend the changes that are set to occur on the 1st of April.

Peter Dunne has proposed the following changes. Reform of international taxation will proceed as planned except for those with balance dates before the 30th of June. Proposed changes to life insurance and PIE schemes are to be deferred to a date set by consultation with industry representatives. The concept of businesses being able to donate directly to charities will be delayed from the 1st of April to a later set enactment date.

An exact list of other smaller changes can be found at the Inland Revenue Department website, here.