Urgent Debates And Thin Capitalisation

by Desk Editor on Tuesday, May 1, 2012 — 3:07 PM

Following Question Time, Deputy Speaker Eric Roy declined two requests for urgent debates.

One of these was on the decision of ministers to approve sale of the Crafar farms to a Chinese company, the second was concerning the referral to the police of a complaint against John Banks over electoral donations.

Roy said the first request was declined as the decision had been referred to the courts, the second because an allegation in itself did not fit the criteria for an urgent debate.

MPs began the interrupted third reading debate of the Taxation (International Investment and Remedial Matters) Bill.

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 has been supported across Parliament and completed its third reading on a voice vote.

MPs resumerd the interupted committee stage of the Appropriation (2010/11 Financial Review) Bill

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