Rewrite bill reported back to Parliament
Parliament's Finance and Expenditure Committee today reported on the Income Tax Bill. The 2000-page bill, introduced in November 2002, rewrites Parts A to E of the Income Tax Act and re-enacts the remainder of the Act. The committee's deadline for reporting back to Parliament was extended from 15 August to 19 December to allow it more time to consider the technical content of the bill.
The main changes recommended by the committee are that the application date be deferred to 2005-06, and new transitional provisions be included to indicate that no change in the effect of the law is intended.
For information on these and other recommended changes see the bill as reported back, at www.clerk.parliament.govt.nz/Publications/CommitteeReport/ [link no longer available]. The officials' report on submissions is available on request from [email protected].