Announcements
PUBLISHED 20 December 2004

Bill submissions close on 28 February

The closing date for submissions on the Taxation (Base Maintenance and Miscellaneous Provisions) Bill is 28 February. The bill passed its first reading in Parliament on Friday, 17 December, and was referred to the Finance and Expenditure Committee for consideration. For more information see the committee's media release.


Finance and Expenditure Committee

MEDIA RELEASE

Taxation (Base Maintenance and Miscellaneous Provisions) Bill

The Finance and Expenditure Committee is inviting public submissions on the Taxation (Base Maintenance and Miscellaneous Provisions) Bill. The closing date for submissions is 28 February 2005.

The bill amends the Income Tax Act 1994 by limiting the extent to which foreign banks can debt fund their New Zealand operations and offshore investment out of New Zealand. Other amendments introduce a temporary exemption, for 6 years, of income earned by foreign companies from offshore seismic surveys of possible petroleum fields and from offshore drilling of wells for petroleum. In addition, amendments are proposed to address concerns raised about tax deductions available for business environmental expenditure. Amendments to the Tax Administration Act 1994 will limit the right of the Inland Revenue Commissioner to require taxpayers and their tax advisors to provide documents that give instruction to a tax advisor or give tax advice to the taxpayer.

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:
Clerk of Committee
Finance and Expenditure Committee Secretariat
Room 10.09, Bowen House
Parliament Buildings
WELLINGTON

Contacts for further details:
Clayton Cosgrove (Chairperson) on  (04) 470 6594 OR
Lesley Ferguson (Clerk of Committee) on  (04) 470 6752 or email [email protected]