Submissions invited on taxation bill

Friday, 17 June 2016, 9:39 am
Press Release: Office of the Clerk

Taxation (Annual Rates for 2016-17, Closely Held Companies, and Remedial Matters) Bill.

Public submissions are being invited on this bill. The closing date for submissions is Friday 29 July 2016.

This omnibus bill sets the annual rates of income tax for the 2016-17 tax year and proposes changes relating to the following matters: closely held companies; non-resident withholding tax for related party and branch lending; the goods and services tax; related parties debt remission; loss grouping and imputation; remission income, insolvency and bankruptcy; aircraft overhaul reserves; New Zealand double tax agreements; Schedule 32 donee status for charities; land tainting and council controlled organisations; loss offsets by mineral miners; Working for Families tax credits; information sharing; and the application of the time bar to ancillary taxes. It also makes various remedial amendments.

A copy of the bill can be viewed online at www.legislation.govt.nz

Submissions should be forwarded by the due date, either online using our website (www.parliament.nz) or in writing to the address below. If a submitter wishes to appear before the committee, they need to state this clearly and provide a name, daytime phone number and email address. Submissions generally become public and are published on our website. For further guidance on making a submission, read our publication Making a submission to a Parliamentary Select Committee on our website or contact us at 04 817 9520.

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