Tax bills passed
Parliament today passed legislation introduced last year in the Taxation (Annual Rates, Maori Organisations, Taxpayer Compliance and Miscellaneous Provisions) Bill. The legislation is expected to receive Royal assent later this week.
The bill was split into four at the Committee stage of the proceedings, producing the Taxation (Maori Organisations, Taxpayer Compliance and Miscellaneous Provisions) Bill, the Taxation (Annual Rates of Income Tax 2002-03) Bill, the Student Loan Scheme Amendment Bill and the Child Support Amendment Bill.
The main feature of the new legislation is reform of the taxation of organisations that manage communally owned Maori assets. Other changes relate to the taxpayer compliance and penalties legislation, tax simplification, GST, and charities. A measure added at the select committee stage exempts crew members of visiting super-yachts from paying income tax in New Zealand.