Tax Law Committee Stage Completed

Tax law covering the purchase of residential land by foreigners has completed its committee stage.

The Taxation (Land Information and Offshore Persons Information) Bill progressed with the support of all parties except NZ First and was reported with amendment.

The bill brings into effect the Government’s Budget announcements around the purchase of residential land for speculative profit and requires offshore persons to provide IRD numbers and bank account details when purchasing residential investment properties.

Labour and the Greens supported the bill saying it was a step forward but was inadequate and messy.

MPs then returned to the interrupted committee stage of the Gambling Amendment Bill (No 3).



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