Support for reform

Issue: Support for the Bill

Submission

(Auckland District Law Society, Chartered Accountants Australia and New Zealand, New Zealand Bankers’ Association, New Zealand Property Investors’ Federation, Real Estate Institute of New Zealand)

A number of submitters have expressed their broad support for the Bill and its associated policy objectives.

One submitter congratulated the Government on its intention to introduce rules that would enable more accurate information to be collected on the levels of foreign ownership of New Zealand property. (Auckland District Law Society)

One submitter noted that it believed that the costs imposed by the Bill would be outweighed by the benefits that would result from easier and better enforcement of income tax rules relating to property and better information about the property market. (Chartered Accountants Australia and New Zealand)

Another submitter noted that the Bill is well-intentioned as it seeks to improve systems in order to gather better information and assist tax law enforcement. (New Zealand Property Investors’ Federation)

Comment

Officials note the submitters’ support for the Bill.

Recommendation

That the submissions be noted.