Tax Principles Reporting Bill passes
The Government’s Taxation Principles Reporting Bill was passed by Parliament on 23 August 2023. The new legislation aims to increase transparency and the public’s understanding of tax policy development by establishing a reporting framework informed by tax principles.
The Bill requires Inland Revenue to publish a report on the operation of the tax system in light of these principles. The first of these reports is due by the end of this year.
The Bill now awaits the Royal assent. Detailed coverage of the new legislation will be provided in an upcoming Tax Information Bulletin.
View the Bill at the Government Legislation website: