Tax bill reported back to Parliament

The Finance and Expenditure Committee has reported to Parliament on the Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill, which was introduced in July 2008. The bill contains a number of major reforms, including the first stage of the reform of New Zealand's international tax rules, modernisation of the tax rules relating to the life insurance business, introduction of a payroll giving system for charitable donations, and changes to the definitions of "associated persons" in the Income Tax Act. The committee has recommended a number of changes to the proposed legislation, including deferring the application dates of many of the reforms. For more information on the recommended changes see the bill as reported back and the four-volume officials' report on submissions.