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New Bill Abolishes Gift Duty - Important Read!!!

A bill introduced into Parliament today, the Taxation (Tax Administration and Remedial Matters) Bill, abolishes gift duty, amends the procedural rules relating to tax disputes and makes changes to the rules for sharing tax information with other government agencies and the secrecy rules. The Bill also confirms that use of money interest on underpayments of tax is deductible.

The Bill, the Revenue Minister's media statement and the regulatory impact statements are available at:

http://www.taxpolicy.ird.govt.nz