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

 


Life insurance tax rules to be reviewed

17 August 2006

Life insurance tax rules to be reviewed

The government is to carry out a comprehensive review of the life insurance tax rules, Finance Minister Michael Cullen and Revenue Minister Peter Dunne announced today.

“Life insurance constitutes a major sector of the savings industry, with over $9 billion of savings funds under management,” they said.

“A review of the life insurance tax rules is long overdue. The current rules have been operating in a largely unmodified form since 1990, even though the commercial, regulatory and savings environment has changed markedly over the last 16 years.

“The review will also look at whether life insurance should be included in the proposed rules for taxing portfolio investment entities, the subject of a bill currently before Parliament, to prevent it being disadvantaged relative to other savings vehicles.

“We expect the review to be welcomed by the life insurance industry, which has been especially keen to have life insurance included in the forthcoming investment tax rules. The review will, of course, be conducted in full consultation with the industry.

“Any changes emerging from the review will be included in a tax bill to be introduced next year,” the Ministers said.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Wellington: Predator Free Capital Plan

Wellington City Council (WCC), the Greater Wellington Regional Council (GWRC) and NEXT Foundation, today announced a joint collaboration to make Wellington the first Predator Free capital city in the world. More>>

ALSO:

Gordon Campbell: On Judith Collins’ Efforts At Self Correction

Thousands of prisoners currently in prison may be entitled to an earlier release than expected – and compensation – because Corrections has incorrectly calculated their term of imprisonment. Unless of course, the government buries its mistakes by changing the law and retro-actively getting itself off the hook… More>>

ALSO:

More Justice & Corrections

Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>

ALSO:

Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>

ALSO:

Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>

ALSO:

General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news