Tax legislation passes third reading

Wed, 27 Mar 2024

New tax legislation is now set to pass into law before April 1.“The Taxation (annual rates for 2023–24, multinational tax, and remedial matters) Bill will place New Zealand on a more secure economic footing, improve outcomes for New Zealanders, and make our tax system fairer,” finance minister Nicola Willis said.The bill, which passed its third reading, restores interest deductibility for residential investment property, reduces the bright-line test for residential property to two years and removes depreciation deductions for...

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