Post-implementation review
- Issue: Automatic expiration of the provisions in the bill
- Issue: Monitoring and review on an on-going basis
Issue: Automatic expiration of the provisions in the bill
Submission
(Auckland District Law Society)
The provisions should automatically expire in 3-5 years’ time to ensure that there is a mandatory review.
Comment
An automatic expiry date is unnecessary and would create uncertainty.
A post implementation review is a recognised part of the generic tax policy process.[1]
Recommendation
That the submission be declined.
Issue: Monitoring and review on an on-going basis
Submission
(Chartered Accountants Australia and New Zealand)
The proposed new rules should be monitored and reviewed on an on-going basis to ensure that they are working as intended and that they are consistent with further legislative reform, such as Phase 2 of the Government’s anti-money laundering policy.
Comment
As part of generic tax policy process, newly introduced measures are subject to a post-implementation review. In addition, the efficiency and effectiveness of the tax system is monitored by Inland Revenue on an on-going basis.
Recommendation
That the submission be noted.
[1] Further information about the generic tax policy process can be found at http://taxpolicy.ird.govt.nz/how-we-develop-tax-policy