The New Zealand Parliament approved the Taxation (Income Tax Rate and Other Amendments) Bill on 2 December 2020, with the bill currently pending royal assent (enactment). The main measure of the bill is the introduction of amendments to the Income Tax Act 2007 and the Tax Administration Act 1994 to introduce a new top personal income tax rate of 39% on annual income that exceeds NZD 180,000 from the 2021-22 tax year beginning 1 April 2021. The bill also increases the minimum family tax credi…