New Zealand

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  • Service: Tax
  • Type: Business and industry issue
  • Date: 18/03/2013

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John Cantin

John Cantin

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Tax

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Supplementary submission on Livestock Bill (No 167) 

Taxation (Livestock Valuation, Assets Expenditure and Remedial Matters) Bill and Supplementary Order Paper No 167

 

We appreciate the opportunity to make a supplementary submission, expanding on our comments during the Finance and Expenditure Committee’s hearing of evidence on the Taxation (Livestock Valuation, Assets Expenditure and Remedial Matters) Bill (the “Bill”) and Supplementary Order Paper No 167 (the “SOP”) on 20 February.

 

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  • We are concerned at the complexity of various measures in the Bill and SOP (specifically, the measures relating to mixed-use assets and salary trade-offs), which we believe is due to overemphasis on coverage of the rules, at the expense of simplicity.


  • We consider that the proposal in the Tax Bill to limit the period for taxpayer refunds from eight years to four needs to be balanced against the ability for taxpayers to re-open tax returns in that four year period with the same level of ease as the Commissioner of Inland Revenue. The rules relating to taxpayer refunds, currently, favour Inland Revenue.
Tax submissions - Submissions on draft tax legislation, Government discussion documents and issues papers, & various tax interpretation statements released by the New Zealand Inland Revenue.