17 Sep 2009

Tax Bill passed under urgency

8:53 pm on 17 September 2009

Legislation introducing changes to tax law has been passed in Parliament under urgency.

Among numerous changes, the Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill reforms international tax rules by means of a tax exemption for offshore companies owned by New Zealand businesses.

It introduces the taxation of emissions units arising under the Climate Change Response Act.

And it raises tax thresholds and changes the income tax rules for petroleum mining.

The Bill passed by 113 votes to 9, with the Green Party voting against it.