Budget tax bill introduced

A taxation bill tabled in Parliament this afternoon delays personal tax cuts that were to have come into effect on 1 April 2010 and 1 April 2011 and cancels the associated increase in the Independent Earner Tax Credit, which was to have taken effect from 1 April 2010. The bill also closes the KiwiSaver mortgage diversion facility to new participants from 1 June 2009. For more information see the Taxation (Budget Tax Measures) Bill.