Have your say on annual tax bill

Media Release

On behalf of: Chair of the Finance and Expenditure Committee

For release: 30 August 2024

Have your say on annual tax bill
The Chair of the Finance and Expenditure Committee is calling for public submissions on the Taxation (Annual Rates for 2024-25, Emergency Response, and Remedial Measures) Bill. Submissions close at 11.59pm on Wednesday, 9 October 2024.

In addition to remedial and technical changes, the bill proposes to do the following:

• set the annual rates of income tax for the 2024-25 tax year
• introduce a mechanism that would allow response measures to be activated through an Order in Council when an emergency event occurs
• incorporate the Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard proposal into New Zealand law
• allow a New Zealand borrower paying interest to a foreign lender who did not register a security for approved issuer levy on time to retrospectively register the security in certain circumstances
• address issues that affect the transfer of pension funds to New Zealand
• increase thresholds relating to exempt employee share schemes to recognise the effect of past inflation and provide a buffer against future inflation
• allow for the one-off sharing of IRD numbers and contact information between Inland Revenue and the Ministry of Business, Innovation and Employment to encourage uptake of the New Zealand Business Number by unincorporated entities
• allow young people aged under 16 to enroll in KiwiSaver with the agreement of one parent or guardian
• grant six New Zealand charities overseas donee status.

Tell the Finance and Expenditure Committee what you think

Make a submissionon the billby 11.59pm on Wednesday, 9 October 2024.

For more details about the bill:

ENDS

For media enquiries contact:

Finance and Expenditure Committee Staff

[email protected]

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