[IRD] INTRODUCTION OF TAXATION (INCOME TAX RATE AND OTHER AMENDMENTS) BILL
The Minister of Revenue David Parker has introduced the Taxation (Income Tax Rate and Other Amendments) Bill. It contains four main measures:
- introducing a new top personal income tax rate of 39%
- introducing increased disclosure requirements for trusts
- increasing the Minimum Family Tax Credit threshold for the 2020–21 tax year, and
- clarifying more generally that Inland Revenue can request information solely for tax policy development purposes.
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Penny Varley
Payroll Administrator