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


New tax legislation delivers clarity and fairness

Revenue Minister Todd McClay today welcomed the passing of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Bill which will contribute to a fairer and more accessible tax system.

“The Government is committed to fostering growth and delivering better public services. This new legislation continues the work of further improving the fairness of the tax system and providing a better service to taxpayers,” Mr McClay says.

“It is important that taxpayers are asked to comply with tax rules that are cohesive, fair and applied consistently.”

A major change ushered in by the new legislation is to simplify the rules for taxing foreign superannuation.

“The old tax treatment of interests in foreign superannuation was complex and difficult to understand. Different sets of rules could apply and as a result, some people paid more tax than others depending on how their foreign superannuation scheme was structured.”

“The changes provide a much simpler and fairer approach for taxing foreign superannuation interests held by New Zealand residents,” Mr McClay says.

The change will come into effect on 1 April 2014.

Another key feature of the new legislation is aimed at providing greater consistency in the tax treatment of mining certain minerals such as gold, silver and iron sands.

“It’s important that the tax system is applied as fairly as we can. Mining is an important and valued part of our economy but the old rules were unjustifiably concessionary and needed to be brought more into line with the rules applying to other industries.

This change will apply from the beginning of the 2014–15 income year.

“This Government aims to raise its required revenue not through raising tax rates, but by ensuring that the existing tax bases are applied efficiently and fairly. The legislation passed today contributes to this ongoing programme,” Mr McClay says.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Environment And Conservation: Changes To Our Oceans Pose Serious Concerns

New Zealand’s oceans, coasts, and marine wildlife are under growing pressure, according to the first national report from the Ministry for the Environment and Statistics New Zealand about the marine environment. More>>


Police Authority: Use Of Taser Was Disproportionate And Unjustified

The Independent Police Conduct Authority has found that an officer’s second use of a Taser on a mentally unwell Hokitika man was disproportionate and unjustified. More>>


Gordon Campbell: On Holidays, Hekia Parata And Badlands

Hekia Parata, adieu. Reportedly, she’s been ‘passionate’ about education. She has “bravely’ led the charge on the government’s education reforms. In the past week , many of the postscripts to Hekia Parata’s career as Education Minister have sounded like a schoolteacher desperately trying to find some reason why a D student can be marked up to C minus. More>>


Minister of Finance: Plan Shows $100 Billion Infrastructure Projects

Finance Minister Bill English has today launched the Government’s Ten Year Capital Intentions Plan (CIP) which shows a pipeline of $100.9 billion worth of infrastructure projects over the next decade. More>>


Werewolf: Safe Landings Gordon Campbell on the safety challenge to the Wellington runway extension.

The safety-related legal challenge revolves around the size of the 90 metre long Runway End Safety Area (RESA) being proposed for the runway extension. More>>


Environment Commissioner: We Need To Work Together On Climate Change And Farming

“The debate around agricultural emissions and the ETS has been polarised for too long,” said the Commissioner. “But the ETS is not the only way forward – there are other things that can be done.” More>>


NZ Super Fund: Seeking To Put A Market Price On Climate Change

Oct. 19 (BusinessDesk) - The New Zealand Superannuation Fund says it will devise a set of rules to assess investment winners and losers under climate change, a strategy that could rule out fossil fuels or producers such as current portfolio member Exxon ... More>>


Rejuvenation: Parata Will Not Contest 2017 Election

Education Minister and National List MP Hekia Parata has today announced that she will not be contesting the next election. She advised the Prime Minister of her decision earlier this year. More>>

Get More From Scoop



More RSS  RSS News AlertsNews Alerts
Search Scoop  
Powered by Vodafone
NZ independent news