Tax Bill containing Budget measures introduced

The Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill has been introduced into the House. The Bill contains the following measures:

• the annual rates of income tax for the 2023–24 tax year (unchanged)
• implementing the OECD Global Anti-Base Erosion rules
• raising the trustee tax rate from 33% to 39%
• amending the tax treatment of backdated lump sum ACC and MSD payments
• making a three percent KiwiSaver Government contribution to recipients of Paid Parental Leave who make their own contribution of at least 3%.
• tax relief measures for flood-hit businesses in the North Island.
  
  

For more information see:

• The Minister's press release
• Bill commentary, and
• other supporting information.