MPs debated the Taxation (International Investment and Remedial Matters) Bill following the Maiden Speech of Mike Sabin.
The main aim of this Bill as introduced is to reform taxation on the gains of New Zealand residents from income interests in overseas entities or foreign investment fund, and gains of foreign residents from interests in New Zealand companies.
It will; extend active income exemptions to include those who own more than 50 percent of an investment; introduce a zero rate of approved issuer levy on bonds and change the “thin capitalisation rules’’ for firms with high-value intangible assets.
The bill was supported across Parliament and completed its second reading on a voice vote.
MPs began the first reading debate of the Consumer Law Reform Bill.
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