In his first move as revenue minister, Simon Watts has urgently progressed a bill to reverse the Taxation Principles Reporting Act.
Watts said had the government not jumped on the repeal quickly, the Inland Revenue Department wold have had to produce additional annual reports, with the first due in about a fortnight.
He said the extra reports were on tax measures against a set of tax principles but said added bureaucracy wasn’t needed.
“Repeal of the act ensures IRD’s resources are focused on collecting tax and contributing to the delivery of the government’s income tax reduction plans.”
