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.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

Arming Police: Frontline Police To Routinely Carry Tasers

"In making the decision, the Police executive has considered almost five years worth of 'use of force' data… It consistently shows that the Taser is one of the least injury-causing tactical options available when compared with other options, with a subject injury rate of just over one per cent for all deployments." More>>

ALSO:

Gordon Campbell: On D-Day For Dairy At The TPP

While New Zealand may feel flattered at being called “the Saudi Arabia of milk” it would be more accurate to regard us as the suicide bombers of free trade. More>>

ALSO:

Leaked Letter: Severe Restrictions on State Owned Enterprises

Even an SOE that exists to fulfil a public function neglected by the market or which is a natural monopoly would nevertheless be forced to act "on the basis of commercial considerations" and would be prohibited from discriminating in favour of local businesses in purchases and sales. Foreign companies would be given standing to sue SOEs in domestic courts for perceived departures from the strictures of the TPP... More>>

ALSO:

"Gutted" Safety Bill: Time To Listen To Workplace Victims’ Families

Labour has listened to the families of whose loved ones have been killed at work and calls on other political parties to back its proposals to make workplaces safer and prevent unnecessary deaths on the job. More>>

ALSO:

Regulators: Govt To ‘Crowd-Source’ Regulatory Advice

A wide-ranging set of reforms is to be implemented to shake up the way New Zealand government agencies develop, write and implement regulations. More>>

ALSO:

Board Appointments: Some Minister Appoint Less The 3 In 10 Women

“It’s 2015 not 1915: Ministers who appoint less than 3 in 10 women to their boards must do better, they have no excuse but to do better,” said Dr Blue. More>>

Gordon Campbell: On The 1990s Retro Proposals For Our Health System

As we learned yesterday, the reviews propose that the democratically elected representation on DHBs should be reduced, such that community wishes will be able to be over-ridden by political appointees. In today’s revelations, the reviews also propose a return to the destructive competitive health model of the 1990s. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news