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Taxation (Annual Rates, Venture Capital and Miscellaneous Provisions) Bill (Consistent) [2004] NZBORARp 15 (18 March 2004)

Last Updated: 18 March 2021

Taxation (Annual Rates, Venture Capital And Miscellaneous Provisions) Bill

18 March 2004

Attorney-General

Legal Advice
Consistency With The New Zealand Bill Of Rights Act 1990:
Taxation (Annual Rates, Venture Capital and Miscellaneous Provisions) Bill

1. We have considered whether the Taxation (Annual Rates, Venture Capital and Miscellaneous Provisions) Bill (the “Bill”) (050304IRD/1) is consistent with the New Zealand Bill of Rights Act 1990 ("Bill of Rights Act"). We understand the Bill will be considered by the Cabinet Legislation Committee at its meeting on Thursday, 25 March 2004.

2. We have concluded that the Bill appears to achieve overall consistency with the Bill of Rights Act.

3. The Bill seeks to introduce a number of significant changes to current taxation laws. In particular, the Bill will amend the Income Tax Act 1994 to assist in promoting venture capital investments in New Zealand by non-residents. The Bill will also introduce a rebate of income tax for small business taxpayers who pay tax on their self-employed or partnership income during their first year of business. Changes are also proposed to the Tax Administration Act 1994 to give effect to the post-implementation review of the rules governing the conduct of the tax disputes procedures.

4. In accordance with your instructions, we attach a copy of this opinion for referral to the Minister of Justice. A copy is also attached for referral to the Minister of Revenue, if you agree.

cc Minister of Justice
Minister of Revenue

In addition to the general disclaimer for all documents on this website, please note the following: This advice was prepared to assist the Attorney-General to determine whether a report should be made to Parliament under s 7 of the New Zealand Bill of Rights Act 1990 in relation to the Taxation (Annual Rates, Venture Capital and Miscellaneous Provisions) Bill. It should not be used or acted upon for any other purpose. The advice does no more than assess whether the Bill complies with the minimum guarantees contained in the New Zealand Bill of Rights Act. The release of this advice should not be taken to indicate that the Attorney-General agrees with all aspects of it, nor does its release constitute a general waiver of legal professional privilege in respect of this or any other matter. Whilst care has been taken to ensure that this document is an accurate reproduction of the advice provided to the Attorney-General, neither the Ministry of Justice nor the Crown Law Office accepts any liability for any errors or omissions.