The attached taxmail discusses the Tax Bill changes in greater detail.
The taxmail is a “hodge podge” of different items. The repeal of gift duty will be welcome, as this is an impediment to family and commercial restructuring.
This together with the changes being proposed for closely-held companies provide an ideal opportunity to plan the future succession and structure of your business.
The changes to taxpayer secrecy and information sharing are aimed at generating greater efficiencies, although taxpayers will rightly be concerned at the uses to which information collected by Inland Revenue will be put, while the timeliness and cost of the tax disputes process is a recurring theme for taxpayers and advisers.
In KPMG’s view, the disputes changes do not go far enough in fixing some fundamental deficiencies in the system.
The staff and partners of KPMG express our sincere condolences to the families, friends and colleagues of the victims of the Pike River Mine disaster. Our thoughts are with
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