Income Tax Act 2007 amended

A 168-page supplementary order paper released today amends the Income Act 2007 by inserting into it amendments made to the Income Tax Act 2004 by legislation proposed in the taxation bill currently before Parliament. As a result, all legislation relating to the 15% R&D tax credit, which comes into effect on 1 April 2008, will be contained in the 2007 Act. Other changes developed as part of the overall process of rewriting the Income Tax Act are reflected in some restructuring of the provisions and in the use of new terminology. The 2007 Act was enacted while the present taxation bill has been before Parliament. For more information see supplementary order paper 168.