Urgent legislation enacted
Legislation introduced under urgency on 17 May has been enacted, receiving Royal assent on 21 May. The Taxation (KiwiSaver and Company Tax Rate Amendments) Bill was tabled during the Budget debate and passed through its final stages in Parliament on 18 May. It gave effect to Budget announcements of a company tax rate reduction, an associated reduction for certain savings vehicles, and the new tax credit for members of KiwiSaver schemes. The bill also made technical changes to the portfolio entity tax rules, to ensure the smooth introduction of KiwiSaver in July.
Other Budget announcements are part of the Taxation (Annual Rates, Business Taxation, KiwiSaver and Remedial Matters) Bill, also introduced on 17 May. It received its first reading on 17 May and was referred to the Finance and Expenditure Committee for consideration.
The Taxation (KiwiSaver and Company Tax Rate Amendments) Act 2007 is published here courtesy of Legislation Direct.