Introduced on May 3 the bill sets tax rates for the coming financial year. The Bill proposes amendments to the definitions of a look-through company and look-through counted owner, to tighten the eligibility criteria for a company electing to become a LTC. Other changes are proposed to non-resident withholding tax for related party and branch lending; the goods and services tax; related parties debt remission; loss grouping and imputation; remission income, insolvency, and bankruptcy; aircraft overhaul reserves; New Zealand double tax agreements; Schedule 32 donee status for charities; land tainting and council controlled organisations; loss offsets by mineral miners; Working for Families tax credits; information sharing; and the application of the time bar to ancillary taxes; and makes other remedial amendments. Received its first reading on June 15 on a voice vote. It was sent to the Finance and Expenditure Committee with submissions closing on July 29 and a report due by December 15. Reported back on November 24 with minor and technical amendments. Second reading completed on March 9 and committee stage on March 14. An attempt by NZ First to bring in tax relief for strengthening earthquake prone buildings was defeated with just Labour in support. Third reading completed on March 23 on a voice vote. Taxation (Annual Rates for 2016-17, Closely Held Companies, and Related Matters) Bill