Budget in brief
Highlights of the business tax reform package.
Thursday, May 17th 2007, 2:59PM
The business tax reform package announced in Budget 2007 includes:
- A cut in the company tax rate to 30%, with effect from
2008-09.
- A 15% tax credit for R&D.
- A reduced, 30% tax rate for certain savings vehicles.
- An active income exemption for New Zealand-controlled foreign
companies.
Major KiwiSaver reforms include:
- A new members' tax credit that matches their contributions
up to $20 a week.
- Compulsory matching employer contributions, to be phased in over four years, and a new tax credit to reimburse employers for the cost of matching contributions, capped at $20 a week.
Other tax measures include:
- Tax incentives to boost charitable giving.
- Increased funding for Inland Revenue to strengthen auditing of property transactions.
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