- August 31, 2018
- Posted by: Angela
- Category: Tax
The Taxation (Annual Rates for 2018- 19, Modernising Tax Administration, and Remedial Matters) Bill was introduced into Parliament in June 2018. The Bill seeks to improve tax administration and modernise the revenue system by making tax “simpler and easier” for individuals.
However, the majority of the proposed improvements are heavily reliant on the success of the Inland Revenue’s shift toward increased automation.
The key proposals seek to help individuals pay and receive the right amount of tax during the year, for example by:
- enabling IRD to help individuals determine their appropriate tax rate or code
- using tailored tax codes
- automating tax refund streamlining the administration of donation tax credits
The proposals aim to minimise the need for tax adjustments at the end of each year. Current year-end processes, such as ….
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