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The Taxation (Income Tax Rate and Other Amendments) Bill

The Government passed the Taxation (Income Tax Rate and Other Amendments) Bill on 3 December 2020. This was granted Royal assent on 7 December 2020. It contains four main measures, including:

introducing a new top personal income tax rate of 39%

introducing increase disclosure requirements for trusts

increasing the Minimum Family Tax Credit (MFTC) threshold for the 2020-21 tax year

clarifying the ability for Inland Revenue to require information for the purposes of providing quality policy advice.

For details on these, see:

the media statement from the Minister of Finance and the Minister of Revenue

the Bill and departmental disclosure statement

the regulatory impact assessment

the commentary on the Bill, and

supporting documents

SOURCE: IRD

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Bernadette Robert

Bernadette Robert