Tax Watch: Edition 3, May 2017

New tax legislation enacted

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Business transformation means exciting time for tax

The Taxation (Annual Rates for 2016-17, Closely Held Companies, and Remedial Matters) Act is now law.

The new legislation will, according to Revenue Minister Judith Collins, “give taxpayers more certainty over their tax affairs by dealing with inefficiencies and complexities that have occurred over time”.  It “should result in lower compliance costs for businesses.”

Much of the new law will improve our tax system.  But no legislation is perfect.  As always, we have some concerns.

In this edition, we explain: