Parliament

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

 

Gift duty to be abolished

Minister of Revenue Peter Dunne today confirmed the Government’s intention to abolish gift duty, saying the decision would be welcomed by taxpayers generally as the rules were resulting in a high level of compliance costs and were no longer raising any significant revenue.

“Earlier this year I announced the Government’s intention to remove gift duty if concerns regarding creditor protection and social assistance targeting could be addressed,” said Mr Dunne.

“Since my announcement there has been considerable work done by officials across government to assess the concerns. This work has revealed that the protection that gift duty offers in the areas of income tax, creditors and social assistance has only ever been incidental and very limited.”

“Furthermore, the limited protection that gift duty offers does not outweigh the significant compliance costs, estimated at approximately $70 million per year that gift duty imposes on the private sector.”

“There is a broad range of other existing legislation that will provide adequate protection to mitigate the identified risks following the abolition of gift duty. Government agencies will monitor the impact of the changes and a post-implementation review will ensure there are no unintended effects,” said Mr Dunne.

The abolition of gift duty will be included in legislation to be introduced in November 2010 and will be effective from 1 October 2011.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The EU’s Beef With Google

There’s every indication that Google would be on a losing wicket if it chooses to fight the European Union competition watchdogs, who have just levied a $3.3 billion fine on the firm – with the prospect of worse to come if Google doesn’t quickly change the anti-competitive practices at the heart of a court battle that’s been seven years in the making.

Essentially, the case involved Google’s alleged abuse of the stranglehold it enjoys on the online advertising associated with its search activities. More>>

 

Legislation: Point England Housing Bill Passed

The passage of the Point England Development Enabling Bill through Parliament this evening will benefit Auckland with additional housing, help resolve Ngāti Paoa’s Treaty claim and improve the local environment and recreation facilities, Building and Construction Minister Dr Nick Smith says. More>>

ALSO:

Cyberducation: Digital Curriculum Launch And Funding Package

Consultation on new digital technologies content for the New Zealand Curriculum and Te Marautanga o Aotearoa, the Māori-medium Curriculum, was launched today by Education Minister Nikki Kaye. More>>

ALSO:

PM's Press Conference: Red Socks And Secret Tapes

Prime Minister Bill English began his post-cabinet press conference by explaining how well the National Party's annual conference went. He also mentioned today's announcement of changes to the EQC disaster insurance legislation and wished Emirates Team New Zealand well in the America's Cup. More>>

Max Rashbrooke: On How To Make Government More Open

International surveys, while often complimentary, have also pinpointed major weaknesses: political donations are badly regulated, for instance, and appointments to government boards frequently go to those with strong political connections. More>>

In Court: Hamilton Student's Lawsuit Over Climate Change Policy

A law student from Hamilton is preparing to challenge the Government in the High Court on Monday over what she says is a “failure” to properly address climate change. More>>

ALSO:

Gordon Campbell: On The Fallout From The Barclay Tape

This is hardly a case of cleaning out your desk and being turfed out onto the pavement. As others have pointed out, the disgraced Clutha-Southland MP will remain on the public payroll for three months until the election, and for three months afterwards. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election
 
 
 
  • PublicAddress
  • Pundit
  • Kiwiblog