Tax Bill Sent To Select Committee

by Desk Editor on Wednesday, March 11, 2015 — 7:57 PM

A bill bringing changes to child support and the tax treatment of research and development spending has been sent to select committee.

Following Question Time the two hour debate on the Budget Policy Statement was completed and the Finance and Expenditure Committee’s report was accepted by 63 to 57 with National, Maori Party, ACT and United Future in favour.

The first reading debate on the Taxation (Annual Rates for 2015-16, Research and Development, and Remedial Matters) Bill was then resumed.

At the start of the debate Revenue Minister Todd McClay said the omnibus bill would amongst other things implement policy decisions around research and development taxation issues The bill also clarified issues around body corporates and GST, tax pooling, and other remedial issues.

He also said the bill also clarified rules around the “intent” of changes to the child support scheme

Labour’s Clayton Cosgrove focused on the bill fixing “stuff ups” ranging from body corporates to child support problems. The main thrust of the bill was roll back some of the blow in costs in previously legislated for changes to the child support regime.

Opposition MPs attacked the child support changes, but said they would support the bill to select committee.

The bill was sent to the Finance and Expenditure Committee for consideration and MPs returned to the interrupted second reading debate of the Statutes Amendment Bill (No 4).
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