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Inland Revenue

Tax Policy

Reinstatement of section 68C

Clause 228


(Matter raised by officials)

The bill repeals a number of provisions in the Tax Administration Act 1994 that relate to the earlier research and development tax credit scheme, as they are no longer necessary.  A drafting error would result in the incorrect repeal of section 68C which is situated next to the sections that were intended to be repealed.  Section 68C relates to the processes supporting the payment of member tax credits for KiwiSaver members.  We recommend that the clause which repeals section 68C be deleted.


That the submission be accepted.