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Credit unions will retain their tax exemption for at least another three years following a Government decision to defer a review of their tax status until the end of 2002.

The income level at which borrowers must start to repay student loans will rise from $14,768 to $15,132 next April.

Revenue Minister Michael Cullen today welcomed the State Services Commission appointment of David Butler as the new Commissioner of Inland Revenue.

The tax system needs to be better attuned to New Zealand's needs in a changing world economy, Revenue Minister Michael Cullen said today.

DR MICHAEL CULLEN SPEECH TO THE ANNUAL NATIONAL TAX CONFERENCE, WAIRAKEI RESORT HOTEL, TAUPO

Revenue and Accident Insurance Minister Michael Cullen has instructed ACC and IRD to work out the level of appropriate compensation to be paid to an Auckland couple - after an ACC dispute that dragged on for 14 years.

"The proposal in the discussion paper the Government is releasing today would make all research expenditure and most development expenditure immediately eligible for tax deduction," Revenue Minister Michael Cullen says.

Hon Dr Michael
Cullen
Minister of Revenue

Media
Statement
24 October 2000

"All research expenditure and most development expenditure will be available for an immediate tax deduction under changes now being considered by the Government," Finance and Revenue Minister Michael Cullen announced today.

Legislation introduced into Parliament yesterday contains two key measures for making the progressive tax system more equitable.

The Government has moved to reduce tax compliance costs for businesses in a bill introduced into Parliament yesterday.

Hon Dr Michael
Cullen
Minister of Revenue

Media
Statement
5 October 2000

"The quality of the Ministerial Review into the Tax System was always going to depend on the personnel and I am confident we have the right people for the job," revenue Minister Michael Cullen said today.

Functions
The Tax Review has been appointed to carry out a public review into the tax
system so that the government has an appropriate framework within which to
build tax policy.The functions of the Review will be:

"The quality of the Ministerial Review into the Tax System was always going to depend on the personnel and I am confident we have the right people for the job," revenue Minister Michael Cullen said today.

The five-member panel to conduct the Ministerial Review into the Tax System
will be announced tomorrow, 5 October.

The Government's recent decision to raise from $40,000 to $250,000 the deposit limit for credit unions raises issues about their future tax status, Revenue Minister Michael Cullen announced today.

The Government is extending the deadline for claiming tax rebates for donations and payments for housekeeping and childcare as thousands of New Zealanders appear to be missing out in the wake of changes to the tax system.

"Rising petrol prices do not produce a tax windfall for the Government. They actually mean less revenue," Finance and Revenue Minister Michael Cullen said today.

Ladies and Gentlemen
It is a very great pleasure to be here on behalf of Helen Clark to open your conference on "Leading the Way: Achieving Peak Performance Through Implementing Socially Responsible Business".

The New Zealand subsidiary of the pharmaceutical company, Merck Sharp and Dohme will get a 12.5 percent boost to their research budget under proposed tax law changes.

"The tax inquiry is intended to be architectural in nature. It will examine how the tax structure meets New Zealand's current and future needs," Revenue Minister Michael Cullen said today.

Revenue Minister Michael Cullen today explicitly ruled out any intention by the Government to introduce a capital gains tax on real property transactions.

The Government plans to make restrictive covenant payments and exit inducement payments taxable.