Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Rewritten tax law released for comment


27 September 2001
Media Statement

Rewritten tax law released for comment

Revenue Minister Michael Cullen today welcomed the publication of an "exposure draft" of income tax law that has been rewritten to make it easier to use.

The draft, which covers parts A to E of the Income Tax Act, has been released for purposes of consultation.

"Law that is clear, plainly expressed and easy to use has obvious advantages for users," Dr Cullen said. "It saves time and money and gives users greater certainty that they have got it right. Tax is an inherently complex subject, so it is all the more important that the law governing it is clear and accessible as possible."

"New Zealand's income tax legislation dates back to the 19th century. It was rewritten in 1916 and has expanded significantly since then, in line with the many changes in the nature of business. As a result of this growth, much of it within the last 20 years, the Act is in need of a comprehensive overhaul, since its structure, presentation and mixture of styles now add to the difficulty of using it."

"New Zealand is not alone in seeing the need to modernise its income tax legislation, with the United Kingdom and Australia having embarked upon similar exercises."

"I hope the tax community and other interested members of the public will take advantage of the opportunity to express their views on this first draft of the rewritten legislation. This is vital to the consultative process and will help to influence the rewrite of this very important piece of legislation," Dr Cullen said.

The 3-volume exposure draft, "Rewriting the Income Tax Act 1994" is available at Bennetts' Government Bookshops and on-line at www.taxpolicy.ird.govt and www.treasury.govt.nz.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>

ALSO:

Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>

ALSO:

Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>

ALSO:

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news