Tuesday, June 18, 2024

Government to repeal ‘unnecessary’ tax Act

The Government is today introducing and progressing under urgency a Bill to repeal the “unnecessary” Taxation Principles Reporting Act 2023.

“The Taxation Principles Reporting Act 2023 was passed by the previous Government this year, despite widespread opposition. It would have required Inland Revenue to report annually on tax measures against a set of tax principles,” said Revenue Minister, Simon Watts (pictured).

“The bureaucracy it would have entailed is completely unnecessary. This Government is committed to directing taxpayer resources to their best use and repealing this Act is consistent with that.

“Requiring Inland Revenue to produce additional annual reports would take extra resources at a time when our focus should be on higher priority measures to address the cost of living and get the government’s books back in order.”

Minister Watts said it was necessary to pass the Tax Principles Reporting Act Repeal Bill under urgency because the Act requires Inland Revenue to report under the Act by 31 December unless repealed prior.

“Repeal of the Act ensures IRD’s resources are focused on collecting tax and contributing to the delivery of the Government’s income tax reduction plans,” he said.

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