Summary of proposed amendments
The requirement to publish the making and withdrawal of public and product rulings in the Gazette is being replaced with a requirement that the Commissioner publish the making and withdrawal of public and product rulings in a publication chosen by the Commissioner such as the Tax Information Bulletin. Similar amendments are being made to the Commissioner’s determination-making powers. The amendments are aimed at streamlining the process for making and withdrawing rulings and determinations.
Application date
The amendments will apply from the date of enactment.
Key features
The amendments replace the requirements that the Commissioner publish the making and withdrawal of public and product rulings in the Gazette with requirements that the Commissioner publish this information in a publication chosen by the Commissioner.
Similar amendments are being made to the Commissioner’s determination-making powers.
Background
The binding rulings legislation requires Inland Revenue to notify the making and withdrawal of public and product rulings in the Gazette. Public and product binding rulings are also published in full in Inland Revenue’s Tax Information Bulletin (TIB). The TIB is available on Inland Revenue’s website and a paper copy can be requested. The TIB will continue to be the main vehicle for publication.