Income Tax Bill reported back

The Finance and Expenditure Committee has reported back to Parliament on the Income Tax Bill, which completes the fifteen-year rewrite of the Income Tax Act to make it easier to use and understand. The 3041-page bill contains redrafted Parts F to the end of the Act and re-enacts and consolidates earlier Parts, renumbering various sections. The committee's recommended changes to the bill are largely aimed at clarifying terms and ensuring the policy intent of the bill is retained. For more information see the bill as reported back and the officials' report on submissions.