Hon David Cunliffe, in Committee, to move the following amendments:
Clause 20: Section RZ 3(3)(a)
“105%” (line 1 on page 10) and substitute
The following new subclauses are inserted after subclause (1):
This Supplementary Order Paper amends the Taxation (Business Tax Measures) Bill. These amendments support and extend the existing intent of the bill by further reducing the use of money interest rate and the uplift basis of past years’ income. These measures are taxpayer friendly and recognise additional stress faced by small and medium enterprise since this bill’s design on the basis of work instigated prior to the full impact of the recession being apparent, from mid 2008. The revenue cost of these measures according to IRD advice is $5.7 million per annum. A number of other measures should be considered outside the scope of the current bill including tax deductibility of patent costs and further review of use of money interest deductability.