Select committee reports on tax bill

The Finance and Expenditure Committee has reported to Parliament on the Taxation (Annual Rates, Business Taxation, KiwiSaver, and Remedial Matters) Bill, which was introduced in May. Measures introduced in the omnibus bill include the 15% R&D tax credit, compulsory employer contributions to KiwiSaver and accompanying employer tax credit, increased tax incentives to promote charitable donations, and liberalisation of tax penalties to promote voluntary compliance. The committee's main recommendations for amending the proposed legislation relate to the R&D tax credit and to the KiwiSaver provisions. For more information see the bill as reported back and the five-volume officials' report to the committee.