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Taxation (Income Tax Rate and Other Amendments) Bill

Introduced on Dec 1, 2020. The Bill introduces a new top personal income tax rate of 39% on annual income over $180,000 with accompanying changes to other imposts such as fringe benefit tax. Also gives powers for the IRD to investigate the historical activities of trusts for the purpose of policy formation. Passed through all stages under Urgency with National and ACT opposed. The Greens abstained saying there needed to be a capital gains tax as well or house price inflation will be further exacerbated.  Taxation (Income Tax Rate and Other Amendments) Bill