Tuesday, 30 August 2011
Dunne: Tax bills pass into law
Two tax bills guided through Parliament by Revenue Minister Peter Dunne have now been enacted.
The Taxation (Tax Administration and Remedial Matters) Bill and the Student Loan Scheme Bill received Royal Assent yesterday.
Mr Dunne said both pieces of legislation are significant for New Zealand.
“As part of its economic strategy, the Government has a strong focus on reducing tax compliance costs and removing complexity. Both these bills help achieve that.”
He said that the Taxation (Tax Administration and Remedial Matters) Bill contains law changes which will help stimulate the economy by smoothing tax processes and removing uncertainty.
“For instance, it is in everyone’s interests to have a quick and efficient tax disputes process. The changes we have made are a further step in this direction,” Mr Dunne said.
He said that the changes to the student loan scheme are also aimed at improving processes.
“The amendments to the student loans scheme will simplify the repayment process for borrowers by linking repayments to pay periods and allowing them to manage their complete loan – including any current StudyLink borrowings – online which will let them keep tabs on the full loan balance at any time.”
Mr Dunne said changes to the student loans scheme will make it easier to comply, but also harder not to.
“Inland Revenue now has the ability to recall a loan balance in full in cases of serious non-compliance” he said.
This aspect of the Student loan legislation is now in effect.
“Most taxpayers strive to do the right thing. The same is true too for student loan borrowers. These amendments make it easier to do so,” he said.
Mark Stewart | Press Secretary | Office of Hon Peter Dunne
Cell +64 21 243 6985