Dunne: Public comment sought on clarifying tax system
Revenue Minister Peter Dunne today commended the work of the taxation Rewrite Advisory Panel in clarifying aspects of the tax system and called for public submissions on key remedial items for the Panel’s consideration.
Mr Dunne said that the Rewrite Advisory Panel, which is independent of Government and Inland Revenue, was originally established to review submissions on any unintended changes in the law in rewritten tax legislation and, where necessary, to recommend appropriate legislative action.
“However I have now expanded the role of the Panel to look at addressing matters that may require remedial amendments to any of the Inland Revenue Acts,” he said.
Mr Dunne said that an efficient tax system plays an important part in building the economy and boosting productivity.
“We are investing considerable resources in reforms to build a world-class tax system, and the Panel’s work will be invaluable in providing quick responses to particular remedial questions that do not involve policy change and are not being dealt with by the tax policy work programme.
“Initially, I would like submissions on the areas relating to the capital of companies being reorganised and beneficiary income of trusts, such as the treatment of notional income,” he said.
Submissions are invited on:
- Available Subscribed Capital on corporate reorganisation; and
- beneficiary income of trusts.
Mr Dunne said that submissions to the Panel on remedial items in these areas will help improve the tax system by making necessary running repairs and maintenance.
Submissions should be made to the Rewrite Advisory Panel www.rewriteadvisory.govt.nz by Friday 3 September 2010.
Mark Stewart | Press Secretary | Office of Hon Peter Dunne
Cell +64 21 243 6985