Remedial amendments
Technical amendments to the offshore portfolio investment rules
A number of remedial changes have been made to the new tax rules for offshore portfolio investment in shares. These amendments ensure that the new rules achieve their intended policy effect.
Technical amendments to the portfolio investment entity rules
A number of remedial changes have been made to the new portfolio investment entity (PIE) rules.
Aligning GST and Provisional tax payments
A number of remedial amendments have been made to the provisions which align the payments of provisional tax with GST payments and provide a new method of calculating provisional tax based on a percentage of GST taxable supplies - the GST ratio method. These amendments give effect to the original intent of the scheme
Working for Families tax credits provisions
The re-naming of family assistance to Working for Families Tax Credits and name changes for some of the component credits has required a large number of remedial amendments in the Revenue Acts, as well as consequential amendments in other legislation not administered by Inland Revenue
Large budget screen production grants
The amendments do two things
Venture capital exemption
Section CW 11B of the Income Tax Act 2004 and the equivalent provision in the Income Tax Act 2007 have been amended to address concerns that the existing legislation may not operate as intended when the venture capital exemption applies on the basis of a Tax Information Exchange Agreement (TIEA) rather than a double tax agreement (DTA)
Qualifying company election tax
Qualifying company election tax (QCET) has, up to now, where a company has elected to become a qualifying company, been a final tax on that part of a company's shareholder's funds that are not sheltered by imputation credits
Miscellaneous technical amendments
The definition of "taxable bonus issue" in the Income Tax Act 1994 has been amended to reflect changes to the definition of "taxable bonus issue" made in the Income Tax Act 2004 from 16 November 2004
Date published: 20 May 2008
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