The Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Bill

The Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Bill, introduced on 4 June 2020, was reported back to Parliament yesterday.

This taxation omnibus bill sets the annual rates of income tax for the 2020-21 tax year, and has a number of proposals aimed at improving current tax settings within a broad-base, low-rate framework and modernising and improving settings for tax administration, the GST regime, KiwiSaver, and social policy rules administered by Inland Revenue.

Read the Officials’ report to the Finance and Expenditure Committee on submissions on the Bill on following link:

https://taxpolicy.ird.govt.nz/-/media/project/ir/tp/publications/2021/2021-or-arferm-bill/2021-or-arferm-bill-pdf.pdf