FEC recommendations released
8 June 2012
The Minister of Revenue welcomed the changes recommended by the Finance and Expenditure Committee to the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Bill. The recommended changes announced on 6 June are that:
- the proposal to amalgamate the IR3 tax return and personal tax summary should not proceed, and
- the implementation of the other return filing proposals for individuals should be changed from the 2014/15 tax year to the 2016/17 tax year.
Dunne welcomes changes to tax bill
Revenue Minister Peter Dunne today welcomed Finance and Expenditure Committee recommendations for changes to the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Bill which was reported back to Parliament yesterday.
The Committee has recommended two changes:
- The proposal to amalgamate the IR3 and personal tax summary return should not proceed.
- Implementation of the other return filing proposals for individuals, remaining in the bill, should be changed from the 2014/15 tax year to the 2016/17 tax year.
The recommended changes will give Inland Revenue the flexibility to implement the Government’s other priorities such as student loans, and child support.
Mr Dunne said the changes reflected the reality of Inland Revenue’s technology constraints.
Inland Revenue is addressing these issues and is currently developing a business transformation plan for the Government’s consideration later this year.
“Giving Inland Revenue the time and space to devote to the Government’s immediate priorities and its own business transformation plans will, I am confident, reap benefits down the track for a future-proof, tax administration,” he said.
“The proposals in this bill are important for the fair and efficient running of the tax system. However changes have to be balanced against other priorities. The Select Committee’s recommendations make sense and will help Inland Revenue implement other changes supporting the Government’s focus on better public services” he said.
Mark Stewart | Press Secretary | Office of Hon Peter Dunne
Cell +64 21 243 6985