Finance and Expenditure Committee
MEDIA RELEASE
Taxation (Annual Rates, GST, Trans-Tasman Imputation and Miscellaneous Provisions) Bill
The Finance and Expenditure Committee is inviting public submissions on the Taxation (Annual Rates, GST, Trans-Tasman Imputation and Miscellaneous Provisions) Bill. The closing date for submissions is Friday, 15 August 2003.
The Bill introduces a number of significant changes to current taxation laws. Intended changes will:
- allow New Zealand income tax imputation credits to become available to Australian companies
- permit employers the option of replacing the current flat rate of 33 percent of specified superannuation contributions witholding tax on their contributions to superannuation funds for the benefit of employees with variable rates of income tax that match employees marginal rates of income tax
- allow the zero-rating of business-to-business supplies of financial services and also introduce a "reverse charge" mechanism that makes certain imports of services subject to GST.
The bill also contains remedial and consequestial ammendments, some of which have retrospective application. This is to ensure that the intended policy of the provisions, as amended, applies to all taxpayers intended to be subject to that policy.
Copies of the bill can be purchased from Bennetts Government Bookshops.
The committee requires 25 copies of each submission. Those wishing to include any information of a private or personal nature in a submission should first discuss this with the clerk of the committee, as the committee usually releases submissions to the public. Those wishing to appear before the committee to speak to their submissions should state this clearly and provide a daytime telephone contact number. For further guidance on making a submission, our publication Making a Submission to a Parliamentary Select Committee can be found on our web site at www.clerk.parliament.govt.nz.
Submissions should be addressed as follows:
Peter Hurndell
Finance and Expenditure Committee Secretariat
Parliament Buildings
WELLINGTON
Contact for further details:
Clayton Cosgrove (Chairperson) on (04) 471 9999 or
Peter Hurndell on (04) 04 471 9538 or [email protected]