• Service: Tax, International Executive Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 6/12/2013

New Zealand - Changes made to tax bill during legislative process 

June 12: A tax bill has been reported back by the Finance and Expenditure Committee (FEC) after considering the legislation.

The Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Bill includes the FEC’s submissions / amendments.

This tax bill originally consisted of two parts:

  • The original September 2012 bill, which contained new deductibility rules for property used both privately and to derive income (i.e., mixed-use assets)
  • A December 2012 proposal to impose tax on certain employer-provided parking benefits and other non-cash benefits provided as salary trade-offs, as well as to provide new rules for taxing certain lease-related payments

The reported-back tax bill contains a number of changes to both parts. For instance, the proposal to impose tax on certain employer-provided parking benefits has been removed from the bill.

Read a June 2013 report [PDF 76 KB] prepared by the KPMG member firm in New Zealand: September 2012 Tax Bill reported back

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