Select committee reports on tax bill
The Finance and Expenditure Committee has reported back to Parliament on the Taxation (Annual Rates, Maori Organisations, Taxpayer Compliance and Miscellaneous Provisions) Bill, introduced in May. The main changes it has recommended relate to:
- Taxation of Maori organisations: amending the definition of "Maori authority" and excluding from it subsidiary companies that are wholly owned by Maori authorities;
- Taxpayer compliance, standards and penalties: amendments relating to "good behaviour" and to promoter penalties;
- PAYE intermediaries: extending the application date from April 2003 to April 2004;
- Income tax exemption for superyacht crew members: including in the bill the measures announced by the government on 28 May.
For further information see the committee's report and the "Officials' report to the Finance and Expenditure Committee on Submissions on the Bill.