Property And Taxation

by Desk Editor on Thursday, June 25, 2015 — 10:48 AM

MPs are to debate the Government’s property tax proposal in Parliament today.

After Question Time, the first reading of the Taxation (Land Information and Offshore Persons Information) Bill is set to be held.

The Bill contains two of the property tax proposals announced as part of Budget 2015:

– Buyers and sellers of property will be required to provide their IRD numbers at the time of property transfer. Those who are tax residents in another country will also have to provide their Tax Identification Number from their home jurisdiction. There will be an exemption for New Zealand residents’ main home.

– And to ensure anti-money laundering rules apply, overseas people to have a New Zealand bank account to get a New Zealand IRD number. This will also apply to New Zealanders who have been out of the country for three or more years.

This will be followed by the third reading of the Harmful Digital Communications Bill.

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