The Finance and Expenditure Committee has extended the closing for submissions on the Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill.
The bill is an omnibus bill that would amend several Acts, including the Goods and Services Tax Act 1985, the Income Tax Act 2007, the Tax Administration Act 1994, and the KiwiSaver Act 2006.
Broadly, the policy proposals in this bill fall into 3 categories:
· Setting the annual income tax rates for 2023-24.
· Changes to current tax settings to ensure these are fair, efficient, and do not impede economic growth.
· Proposals that aim to improve tax administration settings, KiwiSaver, and child support rules administered by Inland Revenue.
· Proposals to introduce the Global Anti-Base Erosion (GloBE) rules in New Zealand.
Tell the Finance and Expenditure Committee what you think
Make a submission on the bill by midnight on 14 July 2023.