Bill on way to enactment

Parliament last night concluded the second reading of the Taxation (FBT, SSCWT and Remedial Matters) Bill. Changes recommended by the Finance and Expenditure Committee were accepted, with strong parliamentary support for the inserted exemption from the fund withdrawal tax for people earning under $60,000 a year. The bill is expected to have its final reading in September. For information on the changes made to the bill since it was introduced, see our special report of 31 July.