New Zealand's Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Bill Has Passed its Final Reading

On 19 June 2014, New Zealand's Taxation Bill (Annual Rates, Employee Allowances, and Remedial Matters) passed its third and final parliamentary reading; the final stage before royal assent (signing into law). As previously reported, the bill was introduced to parliament on 22 November 2013 and includes several changes. The main changes include:

• Expanding the application of thin capitalization rules - applicable from the beginning of the 2015-2016 income year
• Enabling New Zealand financial in…