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Inland Revenue

Tax Policy

PUBLISHED 23 May 2008

Parliament passes Budget tax bill

The bill introducing tax changes announced in Budget 2008 passed its final stages in Parliament today. The Taxation (Personal Tax Cuts, Annual Rates, and Remedial Matters) Bill, introduced under urgency on 22 May, gives effect to personal tax cuts that are to be phased in over three and a half years and makes complementary changes to Working for Families tax credits. Remedial amendments include changes to give tax-certainty to a variety of organisations in the lead-up to the 1 July deadline for registration with the Charities Commission. The new legislation is expected to receive Royal assent early next week.