Report on Tax Changes in Parliament

July 1, 2009 International TaxationNew Zealand Taxation  No comments

Parliament has been presented with a report by the Finance and Expenditure in regards to upcoming tax changes.

The Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill which was introduced in the July of 2008. The Finance and Expenditure Committee has replied to the proposed changes in four volumes, addressing the various aspects of the bill. Some changes are recommended, including the delay of some aspects.

The Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill sought to radically address numerous aspects of the New Zealand taxation system. Some changes include alterations to international taxation, taxation of life insurance, petroleum mining, allowing for charitable giving from payrolls and foreign investment funds, amongst other things.

The report, in all four volumes, can be viewed at the Inland Revenue Department’s website, here.