Banks and other companies could be in the firing line of tax changes in tomorrow’s Budget, with the government signalling it will be tightening the tax net for those entities, as well as tightening rules for taxation of farmers.
Finance Minister Bill English made the remarks this morning, although would not go into further details on the proposed changes.
“There’ll just be some tightening of the tax net, but not affecting individuals, but related to companies and banks,” English said.
Meanwhile, English also signalled changes to taxation of the rural sector.
“In fact in the budget there’ll be some measures that specifically tighten the taxation of farmers further, and IRD is committing significant resources to tracking down any tax avoidance, and that’ll also be evident in the budget,” he said.
Interest.co.nz understands the changes would be minor, technical changes made to ensure tax could not be avoided on some aspects of farm business.
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