Parliament passes tax bill to boost growth

26th March 2025 By Staff Reporter | news@propertyticker.co.nz | @propertyticker

The government’s Taxation (Annual Rates 24-25, Emergency Response, and Remedial Measures) Bill has passed its third reading in Parliament.

Revenue Minister Simon Watts said the legislation aimed to boost business growth and competitiveness, particularly for start-ups through enhanced employee share scheme tax rules.

The bill also enabled faster tax relief during emergencies and replaced the first-year fees-free training scheme with a final-year version to incentivise course completion.

Additional measures included reducing tax compliance costs by making it easier to pay tax, making the Auckland Future Fund tax exempt, and ensuring eligible businesses can access the capital they need by allowing borrowers to register retrospectively for the approved issuer levy in certain circumstances.