KiwiSaver and Company Tax Rate Amendments Act passed

The Taxation (KiwiSaver and Company Tax Rate Amendments) Bill (TNS:2007-05-21:NZ-2), which was introduced into Parliament with urgency on 17 May 2007 following delivery of the 2007 Budget (TNS:2007-05-21:NZ-1), has been enacted. The Bill received Royal assent on 21 May 2007. This legislation gives effect to the reduction in the company tax rate from 33% to 30%, an associated tax rate reduction for certain savings vehicles, and a tax credit for members of KiwiSaver superannuation…